Social benefits
Employee Retirement in Mali
At what age can you retire? How many years of contributions are required? What income can you expect to receive?
Preparing for retirement involves verifying your eligibility, understanding how your pension is calculated, and gathering the necessary documentation. This article primarily concerns employees covered by the National Social Security Institute (INPS).
1. What is a retirement pension?
A retirement pension is an income paid periodically to the insured person after they stop working, provided they meet the required conditions.
There are three distinct situations to consider:
- Retirement, which is based on age and the length of insurance coverage.
- Disability retirement, which is subject to specific conditions when a person’s health significantly reduces their ability to work.
- Death, which may entitle survivors—particularly a spouse and children who meet the specified requirements—to benefits.
Death is therefore not a form of retirement: it may result in the payment of benefits to beneficiaries.
Social Security Code: Old Age, Disability, and Death.
2. How is the system funded?
The rates published by the INPS distinguish between old-age insurance and disability-death coverage:
| Branch | Employer’s Share | Employee contribution | Total |
|---|---|---|---|
| Old-Age Insurance | 3.40% | 3.60% | 7% |
| Disability and death | 2% | — | 2% |
| Total | 5.40% | 3.60% | 9% |
These contributions apply to earnings subject to social security contributions. The overall rate of 9% therefore covers old-age, disability, and death benefits.
INPS, social security contributions.
3. At what age can you begin receiving your normal retirement benefits?
The INPS specifies, among other requirements, registration with the system and at least 13 years of insurance coverage.
The age depends on your status and occupational category:
| Situation | Age Specified by the INPS |
|---|---|
| Private-sector executives and contract executives of the government or local authorities | 60 years |
| Other relevant categories in these same sectors | 58 |
| Executives at public institutions covered by the INPS fact sheet | 65 |
| Middle managers at these institutions | 62 |
| Categories C, D, and E in these institutions | 58 |
The employee’s exact classification must be verified before setting their retirement date.
INPS, standard retirement conditions.
4. How is the pension amount calculated?
The method presented by INPS is based on:
- the monthly average of earnings subject to contributions over the last eight years;
- an annual rate of 2%;
- the number of years of insurance coverage.
Estimated monthly pension = average monthly earnings × 2% × years of insurance.
Example: With an average of 300,000 FCFA and 25 years of insurance, the estimate is: 300,000 × 2% × 25 = 150,000 FCFA per month.
This illustrative calculation is subject to validation of entitlement by the INPS.
Your final net salary is therefore not sufficient to estimate your retirement benefits. You need to know your reported earnings and the actual periods of insurance coverage.
5. What steps do you need to take?
To receive your pension, you must submit an application. This involves the INPS reviewing your file and calculating your benefits.
The Code specifically requires supporting documents regarding the end of employment, work history, age, and marital status. The application may be submitted directly to the Institute or forwarded by the last employer.
Social Security Code, Article 155.
To prepare for this process, it is helpful to:
- verify your identity and registration number;
- compile a record of the periods worked with each employer;
- gather your employment certificates and pay stubs;
- have any missing periods or reporting discrepancies reviewed;
- request a list of required documents from the INPS that apply to your situation.
This preparation helps identify potential issues before leaving the workforce and provides a more reliable estimate of future income.
6. Key Points
- The retirement age depends on your status and occupational category.
- The length of insurance coverage is just as important as age when determining eligibility.
- The pension amount depends on the earnings subject to contributions and the career track used for calculation.
- Retirement, disability, and survivor benefits apply to different situations.
- Preparing your application in advance makes it easier to review your eligibility and transition into retirement.