Pension
In Mali, an employee is entitled to pension rights at the age of 58 years with at least 13 years of contributions. This age is reduced to 53 years for those who are declared medically unfit. For each child born, a woman’s retirement age is reduced by 1 year. Self-employed persons become eligible for pension at 60 years if they have paid at least 15 years of voluntary contributions.
The pension amount depends on the employee's average salary in the last 8 years before retirement and the number of years of contributions. There are provisions for early pension at the age of 53 years with at least 13 years of contributions and at age 55 with at least 15 years of contributions if voluntarily insured. The amount of early pension is reduced by 5% for each year the pension is taken before age 58 or age 60 if voluntarily insured. The minimum pension amount is XOF 44,397 (West African CFA francs).
For people who have reached 53 years of age with at least 6 years of coverage and at age 60 with at least 10 years of coverage if voluntarily insured, an old-age allowance is paid. The allowance is 52% of the legal monthly minimum wage payable each month.
Dependents/Survivors Benefits
In Mali, survivors of the deceased employee are entitled to a pension if the deceased received or was entitled to receive an old-age, disability, or early retirement pension at the time of death. Eligible survivors include a widow(er) married to the deceased for at least 2 years and dependent orphans younger than age 14 (18 years for apprentices and 21 years for students and disabled individuals). Pension is 50% for a spouse and 10% for each child. These benefits are paid from contributions paid by both employees and employers.
If an insured employee dies due to a work accident or disease, the surviving spouse is entitled to 30% of the deceased employee's pension, the first child is entitled to 15% of the pension, 2 children receive 30% and 3 children receive 40% of the pension. Dependent parents are entitled to 10% of the pension each. Employers pay these benefits.
Invalidity Benefits
An insured employee is eligible for a disability pension if they have a disability of more than 66.7% and have paid contributions for at least 8 years. The amount of disability pension is calculated as 26% of the insured's average monthly earnings in the last 8 years plus 2% of average monthly earnings for each 12-month period of coverage exceeding 120 months, up to 80% of the average salary. These benefits are paid from contributions paid by both employees and employers.
Employees who become disabled due to work accidents or diseases are eligible to receive benefits under Work Accidents and Diseases Insurance. In case of temporary disability, 100% of the insured worker's last earnings are paid monthly from the day after the disability began until full recovery or certification of permanent disability. For total permanent disability, 100% of the insured worker's earnings from the last year are paid as a pension. In the case of partial permanent disability, the pension is proportional to the degree of disability. Employers pay these benefits.