Pension
In Honduras, there are 2 types of pension programs: a social insurance program and a mandatory individual account system. The Honduran Social Security Institute (Instituto Hondureño de Seguridad Social) collects contributions for the country's social insurance program, while the Pension Fund Administrators (Administradoras de Fondo de Pensiones) administers the mandatory individual accounts.
To qualify for an old-age pension (pensión por vejez) the insured person must reach age 65 (men) or age 60 (women) and have at least 180 months of contributions.
Insured persons who qualify for an old-age pension will receive 40% of their basic monthly earnings, plus 1% of basic monthly earnings for every 12 months of contributions exceeding 60 months. Insured persons may withdraw up to the total account balance from a mandatory individual account, which may be paid as programmed withdrawals or a lump sum.
Dependents/Survivors Benefits
A survivors pension (pensión por sobrevivencia) is available if, in case of a death resulting from an illness, the deceased made at least 36 months of contributions in the last 6 years or for a death resulting from a non-work-related accident, if the deceased made 8 months of contributions in the 24 months before death. The deceased person must have at least one month of covered employment to be eligible for survivor benefits for an occupational death.
Eligible survivors include a widow(er) or partner aged 65 or older or with a disability and children younger than age 14 (age 18 if a student; no limit if disabled). If there is no widow(er), partner, or child, the deceased's mother of any age and the deceased's father older than age 65 or with a disability are entitled to survivor benefits. The maximum combined survivor pension is 100% of the social insurance old-age or disability pension the deceased received or was entitled to receive.
Invalidity Benefits
To qualify for a disability pension (pensión por invalidez), the insured must have at least a 65% assessed loss of earning capacity for their usual occupation and at least 36 months of contributions in the last six years.
Insured persons who qualify for a disability pension will receive 40% of their basic monthly earnings plus 1% of basic monthly earnings for every 12 months of contributions exceeding 60 months multiplied by the loss of earning capacity. The minimum monthly disability pension is 50% of the insured's basic monthly earnings or HNL 1,500 (Honduran lempiras), whichever is greater. The maximum monthly disability pension is 80% of the insured's basic monthly earnings. The constant-attendance supplement is worth up to 50% of the disability pension.
In case of work injury, there are 2 types of benefits that are paid - temporary disability and permanent disability.