hello@madeinmada.com
+261 32 79 88 605


MGA - Madagascar Ariary - Exchange rates play a role in the payroll invoices


Pay employees and contractors

Outsourcing Payroll, PEO-EOR, Global to Local will involve in international trade incuring the issue of exchange rates loss or gain

Madagascar salaries and all components as social contributions, tax, insurances, employees expenses are payable in Ariary (MGA) as stipulated by the CGI - Code Général des Impôts- and the Labour Code.
A local PEO as Madeinmada | PSM, has to deal with multiple currencies which is a real challenge, involving considerations like exchange rates and bank charges.


The central bank - Banky Foiben'i Madagasikara is the reference of all exchanges involving currencies conversion

Want to know more about Exchange rates ? go to the their website : www.banky-foibe.mg

kontaktformular.com
How many days in a week?

We care about your privacy

Services

The team aims to ensure 100% compliance with local laws and legislations and keep each and every partner updated for any changes. Our Services listed below are real Solutions to companies and ngos for their mid or long term projects in Madagascar

Payroll Services Madagascar

Process Payroll Calculations, payroll tax statements, Monthly, Quarterely, Yearly taxes, Employee and Employer contributions, handling of deposits and withdrawals for your employees, Expenses reimbursment, Insurance handling, reporting

Employer of Record (EOR)

MADEINMADA is the legal employer of your workers and handle all aspects of compliance from the onboarding to the termination. Handling the employment contract. Processing payroll. Filing employer social contributions. Filing employee taxes

Professional Employer Organization (PEO)

As a co-employer MADEINMADA provides real engagement for your business. Our PEO services will allow you to outsource important HR functions. We take some important responsibilities and add real value to your business and activities in order to enhance your bottom line

Employee and Contractor Recruitment

Short-term, mid-term, long-term assignment? Hire an employee or a contractor? Let us help you with quicker hiring and onboarding. We source, we screen, we interview. We handle the short-listing process and you decide the right people for your organization

Running Projects

Our valuable clients, hand in hand with us

Cossel Staffing and Recruiting

Cossel is a recruitment agency bringing together appropriate clients and candidates in the IT and Financial sector.

cosselrecruitment.com

Nutreco | Feeding the future

Nutreco is a global leader in animal nutrition and aquafeed. Our advanced nutritional solutions are at the origin of food for millions of consumers worldwide.

nutreco.com

EasyHire | Paving your path to success

Easy Hire is a premier recruitment consultancy specializing in the identification and placement of highly qualified professionals and executives within the financial, IT, and sales sectors.

easy-hire.co

Epoca | Le futur de la santé à vos côtés

Allowing elderly people to age at home, in the best possible conditions while making daily life easier for caregivers and carers.

epoca.health

Payroll Elements

Get to know more about payroll componemts and labour code in Madagascar...

IRSA - Tax on Salary - Income Tax

Impôt sur le Revenu Salarial, withhold and paid by the employer

CNAPS - Caisse Nationale de Prévoyance Sociale

Family benefits, Work accidents and occupational diseases, Retirement

FMFP - Training Contributions

Fonds Malgache de Formation Professionnelle

OSTIE - Employee Health Coverage

Organisation Sanitaire Inter-entreprise d'Antananarivo

FUNHECE - Service Médical Inter Entreprise

Employee Health Coverage, Funds Health Center, FUNRECO Group

Exchange rates - Banky Foibe (Central Bank)

Currency daily Exchange Rates - EUR/USD/GBP to MGA Salary payment

Monthly Payslip delivery to employees -

Signed proof of salary payment - Payment note

Employee Health Insurance Coverage

Employee benefits - Health coverage for employees and families

Expenses Reimbursment - Overheads Management

Employees prepaid expenses coverred by the company

Compensation and Severance Payment

because of a layoff, dismissal or retirement

Madagascar Holidays 2025

14 days of holidays

Entrust us with a mission

We do it simple, friendly and smart! the way we build long-term win-win partnership with you

Frequently Asked Questions

  • Applicable from March 1, 2024, the minimum salary in Madagascar is 262,680 MGA per month

  • For workers/employees on monthly basis, the payroll is once a month with optional mid-month advance

  • Salaries and wages should be paid in Ariary (MGA - Malagasy Ariary) and to a local bank account

  • For the installment above 600,000 Ar, the tax rate is 20%. For installment 500,000 Ar - 600,000 Ar, 15%. For the installment 400,000 Ar - 500,000 Ar, 10%. For the installment 350,000 Ar - 400,000 Ar, 5%. For the installment 0 Ar - 350,000 Ar, 0%.

  • for the calculation of social charges, the salary is capped at 8 times the minimum salary
    CNAPS retirement: salary share: 1% of gross salary - employer's share: 13% of gross salary
    OSTIE Health: salary share: 1% of gross salary - employer's share: 5% of gross salary
    FMFP professional training: salary share: 0% of gross salary - employer's share: 1% of gross salary

  • Companies offer mainly health insurance to the employee and his family members and 13th month salary

  • 01 January - New Year's Day, 29 March - Martyrs' Day, Easter Monday, Eid al-Fitr, 01 May - Labour Day, Ascension Day, Whit Monday, 26 June - Independence Day, Eid al-Adha, 15 August - Assumption of Mary, 01 November - All Saints' Day, 25 December - Christmas Day. (12 days)

Contact Us

Location:

Bureau #1, 1er étage Immeuble Jacaranda Ambatonakanga Antananarivo 101, Madagascar

Call:

+261 32 79 88 605