Muscat: Standardising salaries and grades in the civil service sector would cost the state exchequer about 800-900 million Omani riyals (Dh7.6 billion-Dh8.5 billion), according to Darwish Bin Esmail Al Beloushi, Minister Responsible for Financial Affairs.
“The accurate cost will be specified when the grades are filled,” he said in a statement released to the government-owned Oman News Agency (ONA) on Monday.
He also pointed out that the total cost for standardising salaries and grades was not accounted for while preparing the 2014 budget.
“It will be added after approval based on a study on how to finance the cost,” he added.
Al Beloushi also said that the new salary system schedule includes the basic salary and the basic allowances.
He revealed that the Ministry of Finance was currently preparing the actuary study to decide the size of the financial allocations that will result from the pension benefits and entitlements.
He added that the study conducted by the Ministry of Finance will identify the current financial status for pension funds in terms of the size of their assets, the return on investment, their ability to bear the financial burden and how finance operations could be secured.
The Minister Responsible for Financial Affairs described the new civil service law as comprehensive as it covers all the aspects related to appointment, promotion, productivity, compliance and career development.
