MUSCAT: Port Services Corporation on Sunday said that the Ministry of Finance has approved the corporation’s voluntary end of service payment scheme for all Omani employees.
A comprehensive compensation of one month basic salary will be paid for every year of service of the Omani employee. The Ministry of Finance has also agreed to share the total cost of the scheme equally with the corporation, according to a disclosure statement posted on Muscat Securities Market website.
Accordingly, the corporation is taking all actions towards implementation of the scheme. The maximum share of the total cost to the corporation will be OMR2,076,165.500 in case all Omani employees opt to take the scheme. However, the actual cost of the scheme will depend upon the number of staff who will opt for the voluntary end of service scheme and submit their resignation.
The cost of this scheme, which will be accounted by the corporation during the year ended December 2015, will be disclosed after concluding implementation of the scheme which will determine the number of Omani staff who opt for the scheme.
Based on the assurance given by the Ministerial Committee in their meetings with the representatives of the board of directors of the corporation, the board of directors notifies that the corporation will continue with its existing operations and activities in Port Sultan Qaboos and at the same time is pursuing projects related to tourism port, dry port and Port of Khasab in coordination with the concerned authorities.
The Port Services Corporation has been reducing its staff strength after commercial activities of Sultan Qaboos Port in Muscat was transferred to Sohar in August last year.
