Calculation of Mozambique old-age pension drops from 120 to 60 months

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Calculation of Mozambique old-age pension drops from 120 to 60 months

12:21 CAT | 09 Jan 2018

Lusa (File photo)

As of this Monday, the threshold for old-age pension entitlement has been lowered from 120 to 60 months equivalent subscription, according to the new Social Security regulations now in force, the National Social Security Institute (INSS) has announced.

Under the new pension rules, taxpayers who reach retirement age – 60 for men and 55 for women – must have paid at least the equivalent of 60 months to qualify for the retirement pension.

In addition to reducing the basis of calculation, the regulation provides for the introduction of a reduced pension for those who have not reached retirement age or completed their contributory career.

The new regulation also allows the payment of contribution shortfall in order to access a pension.

“The legal provision also provides for the introduction of the pension for temporary or lifelong survival,” the statement said.

The basis for calculating the sickness benefit under the new regulation has been increased to 70 percent and the minimum age to benefit from this allowance is now 18 years as against the previous 15.

The new regulation replaces a decree that had been in force for over 10 years.

Source: Lusa