296. Maternity Insurance: the benefits in kind are refunded at the rate of 100% of the tariffs.
For cash benefits, the daily allowance is equal to 100% of the daily wage paid as contribution.
297. Retirement: the national pension scheme offers to the employee himself a retirement
pension and a survivor’s pension comprising: annuity to the surviving spouse, the orphan and
ascendant’s pension. The retirement aspect comprises the benefit: a direct retirement benefit to
the employee when he attains the fixed legal age of 60 years for employed persons and 65 years
for self-employed workers who have contributed for at least 15 years of work. Furthermore, the
legal successors of a deceased working employee shall enjoy a survivor’s pension equal to at least
15 years of working life.
298. The pension scheme is characterized by profitable benefits particularly by: a
maximum of 80% (2.5 per annum over 32 years), and b y t h e exi st enc e of a mi ni mu m
l i n ke d t o t he SNMG43 (75% and 2.5 times the SNMG).
299. In 2006, the national pension reserve fund was established for the pension scheme. The
objective of this fund was to manage the financial resources to the extent that reserves could
be set aside to ensure viability and sustainability of the national pension scheme. The
resources for the fund are constituted basically by a fraction of oil tax proceeds pegged at 2%
in 2006 and increased to 3% in 2012 by the President of the Republic including cash surpluses
from the social security fund.
-
Financing the system
300. Regarding contributions: Concerning employed persons, the single rate of employee
contribution is 34.5 % of the income subject to pension contributions as determined by law. This
rate is distributed as follows:
Branches
Employers
Employees
Share of social services
Total
Social Insurance
12.50%
14%
Occupational accidents and
diseases
1.25%
Pension
10%
6.75%
Early retirement
0.25%
0.25%
0.50%
Unemployment insurance
1%
0.50%
1.50%
Total
25 %
1.50
-
9%
1.25%
0.50%
0.50%
17.25%
34.50%
301. As part of incentives and supporting measures for the promotion of employment,
employers are given a reduction in the employer’s share of the social security contribution for
recruiting every job-seeker. These reductions are equivalent to 40% for recruitments of jobseekers in the northern region of the country and 80% for first-time job-seekers in the same
region and 90% for recruitments in the high plateau regions and the south.
302. For self-employed persons, the total rate of contribution paid by the contributor is 15%
calculated on the basis of the annual taxable income or the turnover or in certain cases based on
the annual SNMG. This rate is distributed in equal parts (7.5%) between the social insurance
and pension schemes. For certain specific inactive categories, the rate of contribution charged to
the State budget varies between 0.5% and 7% of the SNMG.
43
SNMG: National Guaranteed Minimum Wage
50