Workers at the Bukha A Oman oil field in Oman. Pawan Singh / The National
Workers at the Bukha A Oman oil field in Oman. Pawan Singh / The National
Workers at the Bukha A Oman oil field in Oman. Pawan Singh / The National
Workers at the Bukha A Oman oil field in Oman. Pawan Singh / The National

Oman to provide more public sector jobs for citizens


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A circular released by Oman's Ministry of Finance and quoted by the official Oman News Agency (ONA) says the government will seek to provide Omanis with more job opportunities in state-owned organisations. The report did not give a time frame for the plan.

Official statistics show that about about 50,000 expatriates are employed by government organisations. More than half of them work in Oman’s oil and gas sectors, which have been hit hard by falling prices. Oman is currently selling its oil at less than $20 per barrel compared with $118 per barrel in 2014. The economy has also been affected by the lockdown imposed to contain its coronavirus outbreak, with 2,483 confirmed cases as of Saturday.

Expatriates make up 48 per cent of Oman’s 4.6 million population but most of them work in the private sector, according to official statistics.

With businesses struggling because of the coronavirus, the government last month barred companies in the private sector businesses from laying off Omanis.

Hashil Al-Saidi, a manpower analyst, said the coronavirus outbreak had "put the government in panic mode about jobs for nationals. But it needs to think carefully how to replace expatriates, especially in the critical sectors of oil and gas that form the backbone of our economy."

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.