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Wednesday, December 7, 2022

The collective system for granting retirement pensions: A total balance of 1.8 billion dirhams in 2021

The ninth annual report on financial stability stated that the total balance of the collective system for granting pensions amounted to 1.8 billion dirhams in 2021, compared to 2.5 billion dirhams in 2020.

The report issued by Bank Al-Maghrib, the Moroccan Capital Market Authority and the Superintendency of Insurance and Social Reserves, explained that “thanks to the balance of financial operations, which amounted to 5.2 billion dirhams, the total balance of the system reached 1.8 billion dirhams instead of 2.5 billion dirhams a year earlier.” .

According to the same source, the integration of contractual professors within the frameworks of the regional academies of education and training into the civil pension system of the Moroccan Retirement Fund led to a decrease in contributions to the collective system of pension grants (3.8 billion dirhams compared to 4.1 billion dirhams in 2020), exacerbating its deficit. Technical, which amounted to 3.3 billion dirhams, compared to 2.6 billion dirhams.

On the other hand, the system witnessed in 2021 the establishment of a normative reform that essentially led to a change in the calculation of the annual rate of re-evaluation of the disbursed pensions and the rate of re-evaluation of job wages in order to settle the new pensions.

With regard to the civil pension system of the Moroccan Retirement Fund, the number of assets recorded in 2021 a strong increase of 12.9 percent, following the change of the system of engagement of contracted professors, the frameworks of the regional academies of education and training, who have been affiliated since 2017 to the collective system for granting pensions.

This process was embodied, given the appropriate pricing of the system, through the improvement of long-term equilibrium indicators, especially the pre-financing rate and the equilibrium contribution rate, which respectively amounted to 85.7 percent (plus 17 points) and 35.2 percent (minus 19 points). .

In contrast, the treasury flows resulting from these new engagements did not generate any significant improvement in the sustainability of the system in the medium term due to the low horizon of depletion of its reserves (5 to 6 years).

For the fiscal year 2021, contributions to the system increased by 0.8 percent, compared to an increase in compensation by 1.7 percent. In this context, the technical and general deficits of the system deteriorated to 7.7 and 4 billion dirhams, respectively.

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