HIBAPRESS-RABAT-BAM
According to the 11th annual report on financial stability, published by Bank Al-Maghrib, the Insurance and Social Security Supervisory Authority and the Moroccan Capital Market Authority note that the contributions collected by pension schemes amounted to 61.3 billion dirhams in 2023, an increase of 7% compared to 2022.
These contributions were collected from a population of 4.8 million contributors, which aims to provide a cross-sectional view of the situation of the Moroccan financial system, as well as an analysis of the main economic and financial trends.
Benefits distributed to 1.4 million pensioners also increased by 3.5% to 67.2 billion dirhams.
Regarding the investments of these schemes, they reached 317.4 billion dirhams in 2023, up 2.5% compared to a year earlier. Apart from deposits with the Caisse de Dépôt et de Gestion (CDG) of the long-term branch of the National Social Security Fund (CNSS) amounting to 64.4 billion dirhams, these investments are composed of 54.6% bonds, 33.6% shares and social shares and 10.5% real estate investments.
Thus, the latent capital gains of the three pension schemes (Moroccan Pension Fund – Civil Pension Scheme “CMR-RPC”, Collective Retirement Allowance Scheme – RCAR and Moroccan Interprofessional Retirement Fund – CIMR) increased by 8.9% to 21.7 billion dirhams.
The said report also reveals that the technical deficit of the CMR-RPC deteriorated to 8 billion dirhams, following a greater increase in benefits (5.3%) compared to contributions (3.1%). The overall deficit of the scheme stood at 4.7 billion dirhams, thanks to a financial performance of 3.5 billion dirhams.
For its part, the general RCAR scheme recorded an improvement of 4.4 billion dirhams thanks to the financial performance of the scheme. The overall deficit of this scheme stood at 317 million dirhams (MDH), against a technical deficit of 4.4 billion dirhams.
At the CIMR level, the technical balance recorded an improvement of 14.6% to 4.3 billion dirhams. This increase is due to a greater increase in contributions (9.1%) compared to benefits (5.9%). The financial balance of the scheme also increased, from 1 billion dirhams in 2022 to 3.8 billion dirhams in 2023, resulting in an overall surplus of 7.9 billion dirhams.
