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<h1>Social Security Programs Throughout the World: Asia and the Pacific, 2016</h1>
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<h1>Micronesia</h1>
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<div class="exchangeRate">Exchange rate: Currency is the <abbr class="spell">US</abbr> dollar (<abbr class="spell">US</abbr>$).</div>
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<h2>Old Age, Disability, and Survivors</h2>
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First law:</span> 1968.</p>
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<p><span class="h4">Current law:</span> 1982 (social security), implemented in 1983.</p>
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<p><span class="h4">Type of program:</span> Social insurance system.</p>
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<h3>Coverage</h3>
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<p>Gainfully employed persons, including self-employed persons earning at least <abbr class="spell">US</abbr>$10,000 a year or with at least one employee (small businesses).</p>
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<p>Voluntary coverage for self-employed persons earning less than <abbr class="spell">US</abbr>$10,000 a year.</p>
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<p>Exclusions: Casual employees who work less than one week in any calendar month and family labor.</p>
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<p>Special systems (individual retirement plans) for some types of government employees.</p>
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<h3>Source of Funds</h3>
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<p><span class="h4">Insured person:</span> 7.5% of earnings.</p>
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<p>The minimum earnings used to calculate contributions are <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>The maximum earnings used to calculate contributions are <abbr class="spell">US</abbr>$7,000 (rising by <abbr class="spell">US</abbr>$1,000 every five years until reaching <abbr class="spell">US</abbr>$10,000 in 2028) a quarter.</p>
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<p><span class="h4">Self-employed person:</span> 5% of business annual gross revenue for the previous calendar year or 5% of twice the salary of the highest paid employee (small businesses). Voluntary contributions of 15% of annual gross revenue for the previous calendar year for self-employed persons earning less than <abbr class="spell">US</abbr>$10,000 a year.</p>
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<p>The maximum earnings used to calculate contributions are <abbr class="spell">US</abbr>$7,000 (rising by <abbr class="spell">US</abbr>$1,000 every five years until reaching <abbr class="spell">US</abbr>$10,000 in 2028) a quarter.</p>
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<p><span class="h4">Employer:</span> 7.5% of twice the salary of the highest-paid employee per quarter.</p>
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<p><span class="h4">Government:</span> None; contributes as an employer.</p>
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<h3>Qualifying Conditions</h3>
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<p><span class="h4">Old-age pension (earnings tested):</span> Age 65, fully insured, and has at least 50 quarters of coverage and <abbr class="spell">US</abbr>$2,500 in contributions.</p>
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<p>A person is fully insured when the total quarters of coverage is at least the number of years after June 1968 (or since age 21, if younger than age 21 in June 1968) up to age 60.</p>
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<p>Early pension (not earnings tested): Aged 60 to 64 and meets the contribution requirements for an <span class="nobr">old-age</span> pension. Retirement is not necessary.</p>
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<p>The pension is payable abroad to citizens of Palau, the Marshall Islands, and the United States, under reciprocal agreement. For citizens of other nations who are fully insured and older than age 60, benefits are paid over a six-month period.</p>
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<p><span class="h4">Old-age <span class="nobr">lump-sum</span> benefit:</span> Paid to insured citizens of Micronesia who do not meet the contribution requirements for the <span class="nobr">old-age</span> pension at the normal retirement age.</p>
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<p>The <span class="nobr">lump-sum</span> benefit is payable abroad to citizens of Palau, the Marshall Islands, and the United States under reciprocal agreement.</p>
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<p><span class="h4">Disability pension:</span> Must be fully insured, have an assessed incapacity for substantial gainful activity due to a disability that has lasted for at least three months and is expected to last for at least one year or result in death, and have at least 45 quarters of coverage (including 20 in the last 25 quarters) and <abbr class="spell">US</abbr>$1,500 in contributions.</p>
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<p>A person is fully insured when the total quarters of coverage is at least the number of years after June 1968 (or since age 21, if younger than age 21 in June 1968) until becoming disabled.</p>
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<p>Eligibility for the disability pension may cease if the insured's condition improves.</p>
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<p>Certified disability examiners from the Federated States of Micronesia Social Security Administration periodically assess the degree of disability.</p>
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<p><span class="h4">Dependent disabled child benefit:</span> Paid to a dependent child disabled before age 22 when an insured person eligible for a disability pension dies. The benefit may continue as long as the disability exists.</p>
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<p>Disability benefits are payable abroad to citizens of Palau, the Marshall Islands, and the United States under reciprocal agreement. For citizens of other nations who are fully insured and older than age 60, benefits are paid over a six-month period.</p>
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<p><span class="h4">Survivor pension (earnings tested):</span> The deceased was fully insured and had a total of at least 50 quarters of coverage and <abbr class="spell">US</abbr>$2,500 in contributions.</p>
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<p>A person is fully insured when the total quarters of coverage is at least the number of years after June 1968 (or since age 21, if younger than age 21 in June 1968) until death.</p>
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<p>Eligible survivors include the insured's spouse and dependent, unmarried children younger than age 18 (age 22 if a student, no limit if the child was disabled before age 22).</p>
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<p>The spouse's pension ceases on remarriage, and the orphan's pension ceases on adoption.</p>
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<p>The pension is payable abroad to citizens of Palau, the Marshall Islands, and the United States under reciprocal agreement. For citizens of other nations (if the deceased was fully insured and older than age 60), benefits are paid over a six-month period.</p>
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<p><span class="h4">Survivor <span class="nobr">lump-sum</span> benefit:</span> If the survivor pension is less than 4% of the deceased's cumulative covered earnings, a lump sum is paid to eligible survivors.</p>
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<p>The <span class="nobr">lump-sum</span> survivor benefit is payable abroad to citizens of Palau and the Marshall Islands under reciprocal agreement.</p>
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<h3>Old-Age Benefits</h3>
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<p><span class="h4">Old-age pension (earnings tested):</span> The monthly pension is 16.5% of the first <abbr class="spell">US</abbr>$10,000 of cumulative covered earnings plus 3% of earnings from <abbr class="spell">US</abbr>$10,001 to <abbr class="spell">US</abbr>$40,000; plus 2% of earnings from <abbr class="spell">US</abbr>$40,001 to <abbr class="spell">US</abbr>$302,500; plus 1% of earnings exceeding <abbr class="spell">US</abbr>$302,500.</p>
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<p>The minimum monthly <span class="nobr">old-age</span> pension is <abbr class="spell">US</abbr>$100.</p>
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<p>Earnings test: The <span class="nobr">old-age</span> pension is reduced by <abbr class="spell">US</abbr>$1 for every <abbr class="spell">US</abbr>$2 of earnings exceeding <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>Early pension (not earnings tested): 50% of the full monthly <span class="nobr">old-age</span> pension is paid.</p>
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<p>Benefit adjustment: Benefits are adjusted according to changes in the earnings test.</p>
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<p><span class="h4">Old-age <span class="nobr">lump-sum</span> benefit:</span> 4% of the insured's cumulative covered earnings is paid.</p>
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<h3>Permanent Disability Benefits</h3>
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<p><span class="h4">Disability pension:</span> The monthly pension is 16.5% of the first <abbr class="spell">US</abbr>$10,000 of cumulative covered earnings plus 3% of earnings from <abbr class="spell">US</abbr>$10,001 to <abbr class="spell">US</abbr>$40,000; plus 2% of earnings from <abbr class="spell">US</abbr>$40,001 to <abbr class="spell">US</abbr>$302,500; plus 1% of earnings exceeding <abbr class="spell">US</abbr>$302,500.</p>
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<p>The minimum monthly disability pension is <abbr class="spell">US</abbr>$100.</p>
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<p><span class="h4">Dependent disabled child benefit:</span> 15% of the monthly disability pension the deceased received or was entitled to receive is paid.</p>
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<h3>Survivor Benefits</h3>
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<p><span class="h4">Spouse's pension (earnings tested):</span> 60% of the <span class="nobr">old-age</span> or disability pension the deceased received or was entitled to receive is paid to a <span class="nobr">widow(er).</span></p>
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<p>Earnings test: The spouse's pension is reduced by <abbr class="spell">US</abbr>$1 for every <abbr class="spell">US</abbr>$2 of earnings exceeding <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>The minimum monthly spouse's pension is <abbr class="spell">US</abbr>$100.</p>
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<p>The maximum monthly spouse's pension is 100% of the <span class="nobr">old-age</span> or disability pension the deceased received or was entitled to receive.</p>
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<p><span class="h4">Orphan's pension (earnings tested):</span> 15% of the <span class="nobr">old-age</span> or disability pension the deceased received or was entitled to receive is paid for each eligible child.</p>
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<p>Earnings test: The orphan's pension is reduced by <abbr class="spell">US</abbr>$1 for every <abbr class="spell">US</abbr>$2 of earnings exceeding <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>The minimum monthly orphan's pension is <abbr class="spell">US</abbr>$100.</p>
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<p>The maximum combined half orphan's pension is 40% of the <span class="nobr">old-age</span> or disability pension the deceased received or was entitled to receive (if there are three or more children and if a spouse's pension is paid).</p>
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<p>The maximum combined full orphan's pension is 100% of the <span class="nobr">old-age</span> or disability pension the deceased received or was entitled to receive (if there are seven or more children and if no spouse's pension was ever paid).</p>
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<p>Benefit adjustment: Benefits are adjusted according to changes in the earnings test.</p>
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<p><span class="h4">Survivor <span class="nobr">lump-sum</span> benefit:</span> 4% of the deceased's total cumulative covered earnings is paid (reduced by the amount of any benefits paid to the insured and his or her eligible dependents).</p>
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<h3>Administrative Organization</h3>
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<p>Federated States of Micronesia Social Security Administration (<a href="http://www.fm/fsmss/">http://www.fm/fsmss/</a>) administers the program.</p>
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