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Global Payment and Compliance
This article highlights significant statutory changes for Madagascar in 2024...................
On 1st March 2024, Madagascar made significant statutory changes in both agricultural and non-agricultural sectors through Decree No. 2024-794. The alterations have resulted in an increase of minimum paying wage for workers across various job categories thereby affecting contributions to major social security systems like CNaPS, OSTIE and FMFP.
Previous Minimum Salary: Ar 238,000
New Minimum Salary: Ar 262,680
Previous Minimum Salary: Ar 242,200
New Minimum Salary: Ar 266,500
As a result of the updated minimum salary, thresholds caps and contributions for social security systems were adjusted
Minimum Monthly Salary Subject to Contribution: MGA 262,680
Maximum Monthly Salary Subject to Contribution: MGA 2,101,440
Minimum Monthly Salary Subject to Contribution: MGA 266,500
Maximum Monthly Salary Subject to Contribution: MGA 2,132,000
These changes require employers and employees in both sectors to change their payrolls calculations so as to comply with the new limits of salary concerning CNaPS, OSTIE and FMFP
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