Actuarial valuations of 11 pension funds with reform and merger options as at 31 Dec 2020.

In most countries, the cost of public sector pension schemes is becoming a significant burden on governments’ budgets. Many of those countries have turned to the ILO asking for advices on how to reform their pension schemes to ensure their long-term financial sustainability while preserving the benefits adequacy at an affordable cost. The Government of Oman should adopt soon a Royal decree that will close membership to new entrants in the 11 pension funds mentioned in the previous section and will establish two new pension funds for all new employees from these organisms and companies.The broad objectives of this project are as following: Actuarial valuations and Merge: conduct the actuarial valuations of the 11 pension funds as at 31 December 2020,and present the best ways to merge these funds with CEFP and UEPF; and efficient and effective Comprehensive Multi-pillar Pension Schemes for new and current Members.

Project symbol

OMN/19/03/OMN

Admin unit

SOCPRO

Start date

22/03/2021

End date

31/12/2023

Total allocation

443760

Total expenditure

Status

Closed

441974

Development Partners

Oman, National Program for Fiscal Balance (Tawazun)

Country/Countries

Oman

Outcomes

Outcome 7: Universal social protection