First and current law: 1986 (implemented August 1, 1987).
Type of program: Provident fund system (lump-sum benefits only).
Exchange rate: U.S.$1.00 equals 130 vatu.
Employees over age 14 in regular employment, with the following exceptions:
Insured person: 3% of earnings.
Employer: 3% of payroll.
Government: None.
Old-age benefit: Age 55; or permanent departure from the country.
Disability benefit: Permanently incapable of employment of any kind due to physical or mental impairment.
Survivor benefit: Death of insured worker prior to retirement.
Old-age benefit: Lump sum equal to total employee and employer contributions, plus at least 4% compound interest.
Disability benefit: Lump sum equal to total employee and employer contributions, plus at least 4% compound interest.
Survivor benefit: Lump sum equal to total employee and employer contributions, plus at least 4% compound interest. Also, special death benefit in addition to above.
Ministry of Finance, general supervision.
Ministry of Finance and the Reserve Bank of Vanuatu, investment guidelines.
Provident Fund Board, administration of program.