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MAPUTO – The Mozambican government earlier this week lowered the threshold for entitlement to old-age pension from 120 to 60 months equivalent subscription, a statement from the National Social Security Institute (INSS) said. According to the new Social Security regulations now in force, taxpayers who reach retirement age – 60 for men and 55 for women – should 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 INSS 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 years. The new regulation replaces a decree that had been in force for over 10 years. – New Ziana
Bongani Ndlovu