Pension
The National Social Security Fund of Madagascar, Caisse Nationale de Prévoyance Sociale (CNPS), provides pension benefits to insured employees who fulfill the following conditions:
- Old-age pension - age 60 (or 55 for merchant seamen), with at least 15 years of coverage and 28 quarters of contributions in the last 10 years
- Partial pension - age 60 (or 55 for merchant seamen), with at least 60 quarters of contributions and 15 years of coverage, if an employee has less than 28 quarters in the past 10 years.
The old-age pension is 30% of the legal monthly minimum wage plus 20% of the insured's average monthly adjusted earnings in the last ten years, plus 1% of average monthly adjusted earnings for each year of contributions over 10 years. Supplements are added for spouses and length of service. Individuals who have reached 60 years of age and do not meet any criteria for retirement benefits (but have paid contributions for at least 4 quarters) are eligible to receive a retirement grant.
Both employees and employers pay contributions to the social security fund.
Dependents/Survivors Benefits
In Madagascar, dependents are entitled to receive survivor benefits if the deceased worker was retired or at least 45 years of age (40 for merchant seamen) and was eligible for an old-age pension at the time of their death.
Dependents eligible for survivor benefits include:
- Widow/widower (pension ceases upon remarriage)
- Children younger than age 15 (age 22 if they are a student or disabled).
If the deceased was not eligible for an old-age pension but had at least 4 quarters of contributions, the contributions would be refunded to the dependents.
Invalidity Benefits
In Madagascar, workers are entitled to the disability pension covered by the National Social Security Fund of Madagascar, Caisse Nationale de Prévoyance Sociale (CNPS), if they meet the following conditions:
- Age 55 (50 for merchant seamen)
- Working capacity loss of at least 60%
- At least 15 years of coverage, including 28 quarters of contributions in the past ten years.
The disability pension is paid quarterly and is calculated at a rate of 80% of the old-age pension that the worker would have been entitled to if they worked until the regular retirement age. There is also a 10% supplement that can be paid to a dependent spouse over 59 years of age (54 for merchant seamen) if the couple had been married for at least two years before retirement.
Both employees and employers pay contributions to the social security fund.