provide Senior Staff members

School Fees proposal :

  1. The COMPANY policy to provide Senior Staff members with schools fees to support the education of their children in Oman.
Senior Management :
CEO C suites Directors

Full tuition fee in Oman, for 3 children up to 18 years of age, up to secondary school certificate level.

Mid Management : All Managers and Senior staff (below Managers)

Tuition fee in Oman, for 3 children up to 18 years, up to secondary school certificate level. The maximum fee payable per child is R.O. 3,000.
Senior staff with who don’t have children how the can benefits from such benefits


Payment

Staff will initially settle the tuition fee & claim for reimbursement along with the original receipt.
The company will meet only the part of the reimbursement apportioned to the tuition fee. Any other related expenses, (such as cost of books, school trips and uniform), will not be covered under this scheme.
  1. Housing Loan:
  1. The purpose of the Housing Loan Scheme is to enhance the living standards and social status of staff and their families, which will also give them comfort in long term planning of their personal priorities. The Housing Loan Scheme will provide financial assistant to staff in outright purchase, construction, additional construction or renovation of a residential property only in Oman.
Eligibility
Confirmed staff after 1 year’s service.
Renewals /Top-ups Staff can avail maximum of only 2 housing loans during his/her entire service with the Company. The second loan will be considered only after 5 years of the earlier loan and after full settlement of outstanding loans.
Loan Amount 50x gross monthly salary Minimum of OMR.20,000/- if 50x gross annual salary is lower than OMR.20,000/-.
Repayment Maximum 25 years, prior to retirement age. Management may extend the repayment period up to 65 years especially for senior staff with specific approval of CEO.
Interest rate Housing Loans to be outsourced. COMPANY to cover interest costs up to 4% and company 1employees to cover the difference (if any)
Security Assignment of full salary Mortgage of property
Insurance over property and life.
Property should be in the name of staff or joint name of staff & spouse. Additionally assignment of End of Service Benefits for expatriate staff.


Deferment of Instalment
Maximum of 3 times in a calendar year
Limitations Maximum Debt Burden Ratio :
The overall exposure, including all loans, overdraft, credit card etc., (whether obtained via COMPANY’s lending scheme or through 3rd party lenders), should not exceed 50% gross salary.

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