Pension Funds Deficit Reached 3 Billion Dirhams in 2015, Will Amount to 8.6 Billion Dirhams in 2016

Warning that pension reserves are expected to run out by 2020, Boussaid, who was the guest speaker at MAP weekly forum held under the theme "Finance Act: What prospects for Moroccan economy in 2016?", insisted on the urgent need for pension reform.

The Minister said that the government proposes to raise gradually the retirement age to 61 years starting from January 1st 2017, to 62 years starting from January 1st 2018 and to 63 years starting from January 1st 2019.

The reform includes also the raise of minimum pension payment from 1.000 dirhams to 1.500 dirhams for 60.000 retirees, he added.

Regarding helping widows with children living in precarious situation, the Minister pointed out that 45.000 out of 62.000 applications for benefiting from government subsidies have been approved.

In addition to journalists, MAP forum takes place in the presence of representatives from ministerial departments and figures from a wide array of fields.