Pension
Employees who retire at the age of 60 and have paid at least 100 (for employees born before 1980) or 144 (for employees born after 1980) monthly contributions are eligible for a retirement pension. The amount of retirement pension is 25% of the average salary, increased by 1% for every ten months of contributions paid in addition to 100 or 144 months. The maximum monthly pension amount is 40% of the average salary. The maximum pension amount is the equivalent of USD 5,000 (American dollars) per month in Liberian dollars.
If a person fails to make the 100 monthly contributions but paid at least 12 monthly contributions, they are entitled to a lump sum Retirement Grant equal to the total amount of contributions made plus accrued interest.
The sources of funds include contributions made by employers and employees.
Dependents/Survivors Benefits
Liberia's National Social Security and Welfare Corporation (NASSCORP) is responsible for providing benefits to survivors of a deceased insured employee who had paid at least 50 monthly contributions. The benefits are paid to the deceased member's widow or widower and to their children under 21 years of age. Benefits are paid as a lump sum. A widow or widower receives an amount equal to 50% of the total annuity value of the pension that the deceased was entitled to at the time of death, based on their life expectancy, whereas 10% is paid to a child (a maximum of 50% is paid to all children). The sources of funds include contributions made by employers and employees. If there are no surviving spouse and children, parents of the deceased become entitled to the spouse's benefits. The total benefits paid to survivors are equal to 100% of the pension that the deceased was entitled to at the time of death.
In case of death due to work accidents or diseases, the widow or widower receives 20% of the deceased insured person's average monthly earnings, and children receive 10% of the average earnings each, not exceeding 30%. In the absence of a spouse and children, parents of the deceased receive 20% of the earnings. These benefits are paid by contributions made by employers.
Invalidity Benefits
Liberia's National Social Security and Welfare Corporation (NASSCORP) covers disability benefits for insured members who become permanently incapable of work before age 60 because of a disease or disablement that is not job-related. To be eligible, the member must have paid at least 50 monthly contributions during the 60 months preceding the month of disability or at least 2/3rds of the number of months from their date of joining to the accident date. The disability pension amount is equal to 25% of the average salary, increased by 1% for every ten months of contributions paid in excess of 50 months. The monthly pension amount is limited to a maximum of 40% of the average salary. The sources of funds include contributions made by employers and employees.
Employees who suffer disability due to work-related accidents or diseases are eligible to receive temporary disability or permanent disability pensions of 65% of their average earnings. An additional allowance is paid to persons requiring constant attendance. These benefits are paid through contributions made by employers.