IVORY COAST- GENERAL OVERVIEW OF THE COUNTRY.

Côte d'Ivoire is a West African country with beach resorts, rainforests and a French-colonial legacy.
Abidjan, on the Atlantic coast, is the country’s major urban centre. Its modern landmarks include
zigguratlike, concrete La Pyramide and St. Paul's Cathedral, a swooping structure tethered to a
massive cross.

It is bordered by Ghana to the East, Liberia and Sierra Leone to the west, Burkina Faso to the north
and beautiful beaches along. the Atlantic Ocean on the south.

According to a 2020 census, Ivory Coast has a population of about 26.38 million people.

Ivory Coast is growing at a rate of 2.57%, increasing the population by 661,730 people from 2019 to
2020.

Ivory Coast has a GDP of 61.35 billion USD (2020). This means that, the GDP per capita of Ivoirians is
2,325.72 USD (2020).

According to the CIA World Factbook, Côte d'Ivoire's life expectancy at birth is 60.1 years.

Retirement age: Age 60 Old-age pension (Pension de retraite): Age 60 with at least 15 years
of paid or credited contributions.

PENSION REFORMS- Recent years have seen comprehensive reforms enacted in both public and
private-sector pension systems in Côte d’Ivoire, culminating with the establishment of a new regime
and institutions. Changes to the overall system included a gradual phasing up of the retirement age
from 55 to 60 between 2012 and 2016, moving the base calculation of pension payments from 10 of
the employee’s highest grossing years of income to 15; and pegging the evolution of those
remittances to the increase in consumer prices rather than salaries. Additional stipulations
guarantee pension payments of more than half the minimum wage, and allocate an additional
stipend equal to 10% of the total outlay for every child dependent under the age of 21.

Categories of Pensions in Ivory Coast.

PRIVATE PENSIONS: Constituted as part of the 2012 reforms, private sector pensions are managed
by the National Social Insurance Fund (Caisse Nationale de Prévoyance Sociale, CNPS), to which both
employees and employers contribute a respective 6.3% and 7.7% of a worker’s taxable salary.
Additional contributions, such as family benefits, maternity leave and workplace injury, are paid by
the employer. Under this arrangement the CNPS currently provides pensions for approximately
700,000 employees in the formal private sector.

PUBLIC PENSIONS: Pensions plans for government employees are managed by the General State
Agent Retirement Fund (Caisse Générale de Retraite des Agents de l’Etat, CGRAE). The various
benefits provided by the CGRAE include social security, an earnings-related pension scheme, spousal
and children’s benefits in the event of death, and disability payments.

TYPES OF PENSIONS IN IVORY COAST: These include a supplementary pension fund for private sector
employees in the formal sector already covered by the CNPS; a basic pension and benefits scheme
for self-employed workers in the formal or informal sectors; and a supplementary pension fund for
self-employed people with sufficient means to purchase a privately managed pension fund.
Regulatory Framework

First laws: 1962 (pensions) and 1968 (social security code). Current law: 1999 (social
insurance). Type of program: Social insurance system.

Ministry of Employment and Social Protection provides technical supervision.

Ministry of Economy and Finance provides financial supervision.

Social Insurance Institute and National Social Insurance Fund (IPS-CNPS), managed by a
tripartite board, administers the programs and collects contributions.

Coverage

Private-sector and public-sector employees.: Self-employed persons. Special system for civil
servants.

Qualifying Conditions

Old-age pension (Pension de retraite): Age 60 with at least 15 years of paid or credited
contributions. Contributions may be credited under certain conditions, such as for periods
receiving maternity or work injury benefits. Employment must cease.

If the insured is aged 60 or older and has less than 15 years of paid or credited contributions,
he or she can purchase up to 24 months of contributions.

Early pension (Pension d’anticipation): Age 55 with at least 15 years of paid or credited
contributions.

Child supplement (Bonification pour enfant à charge): Paid for each of the first three children
younger than age 21.

The old-age pension is payable abroad.

Old-age grant (Allocation unique de vieillesse): Age 60 with more than two years but less
than 15 years of paid or credited contributions.

Contributions may be credited under certain conditions, such as for periods receiving
maternity or work injury benefits.

Old-age settlement (Remboursement des cotisations de vieillesse): Age 60 with up to two

Contributions may be credited under certain conditions, such as for periods receiving
maternity or work injury benefits.
Disability pension (Pension d’invalidité): Must be assessed with at least a 66.7% loss of
earning capacity and have at least 15 years of paid or credited contributions.

Contributions may be credited under certain conditions, such as for periods receiving
maternity or work injury benefits.

Child supplement (Bonification pour enfant à charge): Paid for each of the first three children
younger than age 21.

Survivor pension (Pension de réversion): Paid if the insured received or was entitled to
receive an old-age or disability pension at the time of death.

Eligible survivors include a widow(er) aged 55 (aged 50 for the early pension) or older and
married to the deceased for at least two years (no age or length of marriage requirements if
the widow(er) has two dependent children younger than age 21), and full orphans younger
than age 21.

The widow(er)’s pension ceases upon remarriage.

Old-Age Benefits

Old-age pension (Pension de retraite): The monthly pension is 1.33% of the insured’s average
monthly earnings in the 15 highest years of earnings multiplied by the number of years of
contributions before January 1, 2000, plus 1.7% of average monthly earnings for each year of
contributions since January 1, 2000.

The minimum monthly old-age pension is 50% of the legal monthly minimum wage.

The legal monthly minimum wage is 60,000 CFA francs.

The maximum monthly old-age pension is 50% of the insured’s average covered earnings in
the 15 highest years of earnings.

Early pension (Pension d’anticipation): The pension is reduced by 5% for each year it is
claimed before the normal retirement age, except for persons who are already entitled to the
maximum monthly pension or are unable to work.

Child supplement (Bonification pour enfant à charge): 10% of the old-age pension is paid for
each eligible child, up to 30%.

The old-age pension is payable abroad quarterly.

Benefit adjustment: Benefits are adjusted based on changes in the cost of living, depending
on the financial resources of the system.

Old-age grant (Allocation unique de vieillesse): A lump sum based on the insured’s average
annual earnings, the number of years of contributions, and life expectancy at retirement, plus
interest, is paid.
Old-age settlement (Remboursement des cotisations de vieillesse): A lump sum of the
insured’s total contributions is paid.

Permanent Disability Benefits

Disability pension (Pension d’invalidité): The monthly pension is 1.33% of the insured’s
average monthly earnings in the 15 highest years of earnings multiplied by the number of
years of contributions before January 1, 2000, plus 1.70% of average monthly earnings for
each year of contributions since January 1, 2000.

The minimum monthly disability pension is 50% of the legal monthly minimum wage.

The legal monthly minimum wage is 60,000 CFA francs.

Child’s supplement: 10% of the disability pension is paid for each eligible child, up to 30%.

Benefit adjustment: Benefits are adjusted based on changes in the cost of living, depending
on the financial resources of the system.

Survivor Benefits

Survivor pension (Pension de réversion)

Spouse’s pension (Pension de conjoint survivant): 50% of the old-age or disability pension
the deceased received or was entitled to receive is paid to the widow(er). If there is more than
one widow (for people married before the prohibition of polygamy in 1964), the pension is
split equally.

Early pension: The pension is permanently reduced by 5% for each year the pension is
claimed before age 55 (no reduction while the widow(er) has two dependent children younger
than age 21).

Full orphan’s pension (Pension d’orphelin de père et mère): 20% of the old-age or disability
pension the deceased received or was entitled to receive is paid for each eligible full orphan.

The maximum combined full orphan’s pension is 100% of the old-age or disability pension
the deceased received or was entitled to receive.

Benefit adjustment: Benefits are adjusted based on changes in the cost of living, depending
on the financial resources of the system