2023-08-04 19:15:46
The services which benefited 1.3 million pensioners stood at 64.9 billion dirhams, up 8.6%, indicates the report, published by Bank Al-Maghrib (BAM), Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).
And to note that the investments of these schemes reached 309.723 billion dirhams in 2022, down slightly by 1.1% compared to 2021.
Apart from the investments of the long-term branch of the National Social Security Fund (CNSS) made up of deposits with the Caisse de Dépôt et de Gestion (CDG), these assets are made up of 57.3% of bond securities, 32.8% in stocks and shares and 7.7% in real estate investments.
In a difficult financial market environment during 2022, the report adds, the latent capital gain of pension schemes (Moroccan Pension Fund (CMR-RPC), Collective Retirement Allowance Scheme (RCAR) and Moroccan Interprofessional Pension Fund (CIMR)) deteriorated sharply by 53.2% to stand at 20 billion dirhams against 42.6 billion dirhams at the end of 2021. Investments in market value thus stood at 277.1 billion dirhams against an amount of 300.9 billion dirhams a year earlier.
The overall deficit of the CMR-RPC recorded an improvement in 2022 to stand at 1.4 billion dirhams against 4 billion dirhams a year earlier, adds the same source, stressing that this development is explained by the increase in contributions collected under the effect the integration of the population of contract teachers from the Regional Education and Training Academies (AREF) from the last quarter of 2021 as well as by a special contribution from the State in 2022 in the amount of 2 billion dirhams.
The fall in contributions to the general RCAR scheme, under the effect of the change in the membership scheme for the population of contractual AREF teachers, contributed to the aggravation of the technical deficit of the scheme to stand at 4.1 billion dirhams against 3.3 billion dirhams in 2021.
Under the combined effect of this decline and the poor financial performance, the regime recorded its first overall deficit amounting to 4.7 billion dirhams. For its long-term outlook, the scheme experienced, on the one hand, a drop in its pre-financing rate of 200 basis points to reach 74% mainly due to the fall in the valuation of its investments and, on the other hand, on the other hand, the reduction of the horizon of depletion of its reserves from two to three years, estimates the report.
“The situations of imbalance raised by the two public sector regimes, the CMR-RPC and the RCAR, militate towards accelerating the implementation of systemic reform. While the first scheme is characterized by balanced pricing thanks to its parametric reform of 2016, the RCAR still suffers from underpricing of the rights granted to its affiliates, which results in a benefits/contributions ratio exceeding 140%, and this, despite its parametric reform of 2021”, underlines the report.
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