Risk management is the process of identifying, analysing, accepting, mitigating or transferring uncertainty in investment decisions. Fund managers apply risk management by analysing and attempting to quantify the potential loss of an investment and then acting accordingly.

Institutions are being transformed thanks to the integration of new technologies. This vision represents a corporate change with a social impact, reducing costs, simplifying processes and procedures, and raising awareness of the importance and benefits of this transformation.

The idea of setting up self-service areas in Pension Fund of Morocco (Caisse marocaine des retraites – CMR) receptions stems from a desire to offer users open access to the CMR’s digital services, while ensuring reception and orientation staff are on hand to provide support and guidance in their use.

This type of space offers a range of digital services, enabling users, for example, to access their data, monitor the status of their files, and editing or uploading requested documents.

Open Lab is an innovation space created by the Pension Fund of Morocco (Caisse marocaine des retraites – CMR), based on an ecosystem-oriented business model. It relies on the collective intelligence of participants (collaborators, users, partners and other stakeholders) to design and test innovative solutions to the “pain points” encountered by users and/or to develop new services or products, improve internal processes and implement new methodology.

Article 12 of Law No. 5508 on the Promotion, Protection of Maternity and Support for Breastfeeding establishes that maternity allowance should be paid to employed women by the social security scheme of Paraguay’s Social Insurance Institute (Instituto de Previsión Social – IPS). This amount is equivalent to 100 per cent of her salary at the time of delivery, and is paid for the prescribed months of rest. This used to be given to women in a single payment.

In 2022, Morocco’s CDG Prévoyance signed an agreement with the State to manage the Tayssir Programme, one of the country’s most important welfare programmes, dedicated to reducing the rate of school drop-outs among the most vulnerable segments of the population.

The issue of population growth and social security planning is one of the biggest challenges facing governments today, and is a key part of a good social security system that instils confidence in its members.

The Retirement and Pension Fund for Employees of Banks and Related Institutions (Caja de Jubilaciones y Pensiones de Empleados de Bancos y Afines) (Bank Fund, hereinafter) is in constant communication with its members. It therefore continuously updates its databases, in order to have a better understanding of members’ current realities, experiences and needs.

With a view to strengthening its communication with beneficiaries, and as a straightforward way of making them aware of their rights and responsibilities, the Pension Fund of Morocco (Caisse marocaine des retraites – CMR) has produced a series of animated clips entitled “أجي نفهموا التقاعد” in Moroccan Arabic, or “Let’s understand retirement” in English.

Digital transformation is happening in institutions through the integration of new technologies. This vision represents an institutional and social change, optimizing available resources, reducing costs, shortening processes and procedures, and raising awareness of the importance and benefits of this transformation.

The royal project to expand social security coverage in Morocco was launched in accordance with Framework Law No. 09-21 on social protection. The implementation of the royal project to expand social security coverage has been entrusted to the National Social Security Fund (Caisse nationale de sécurité sociale – CNSS), a major player in social protection in Morocco and will take place in line with a staggered implementation schedule.

For the population groups:

Morocco’s Supervisory Authority of Insurance and Social Welfare (Autorité de contrôle des assurances et de la prévoyance sociale – ACAPS) has developed a simulation software package specifically for basic medical coverage in order to strengthen its supervisory mission, to support bodies charged with managing basic compulsory health insurance (CHI) schemes, and to respond to requests for technical advice from other institutions.

Good practice in health – service quality.

As health-care systems have evolved to become more complex and due to the resultant increase in patients coming to harm in health care settings, patient safety has emerged as a health-care discipline.

The Actuarial Advisory Office (Asesoría Actuarial) of the Social Insurance Institute (Instituto de Previsión Social – IPS) carried out an actuarial valuation of the Common Retirement and Pension Fund (Fondo Común de Jubilaciones y Pensiones). The valuation looks to comply with international best practices and observe the guidelines and standards of the International Standards of Actuarial Practice 2 (ISAP 2), and the ISSA-ILO Guidelines on Actuarial Work for Social Security, with technical support from the International Labour Organization (ILO).

Like most of the world’s countries, Paraguay has adopted lockdown measures to prevent the spread of COVID-19. These steps taken by the government have impacted the productive sector, leading to mass suspensions of employment contracts for persons insured with the Social Insurance Institute (Instituto de Previsión Social – IPS) of Paraguay.

As part of the measures adopted to help limit the spread of the COVID-19 pandemic and in order to avoid any risk of resource disruption for beneficiaries, Morocco’s CDG Prévoyance, which is responsible for managing the National Pension and Insurance Fund (Caisse nationale de retraites et d’assurances – CNRA) and the Collective Pension Scheme (Régime collectif d’allocation de retraite – RCAR), set up a new system to simplify entitlement checks through the exchange of data with institutional partners and on digital platforms.

Paraguay’s Social Insurance Institute (Instituto de Previsión de Social – IPS) used to make sick leave payments at its administrative offices, which had associated administrative costs and meant beneficiaries had to visit the IPS service counter in person.

Morocco’s CDG Prévoyance ensures the technical and financial management of more than 25 pension schemes and solidarity funds that are extremely diverse in terms of groups covered, size and technical make-up.

This diversity makes the effective management of data a prerequisite in the financial management of these schemes and funds, which involves a wide range of information emanating from a variety of sources.

Morocco’s Interprofessional Retirement Fund (Caisse interprofessionnelle marocaine de retraites – CIMR) has developed a new, cutting-edge technology to offer its pensioners enhanced security and comfort. Pensioners affiliated to the CIMR can now provide proof of life at a distance, from the comfort of their own homes. They need simply make use of the CIMR DIALCOM mobile application, complete with dynamic-selfie facial recognition software.

The mission of Morocco’s CDG Prévoyance is to honour, as effectively as possible, the financial commitments of the schemes it manages. This necessarily involves the definition of an investment strategy capable of achieving the return and risk objectives that have been set. Roll-out of the strategy requires benchmarks to be established and shared with the external managers who have been charged with its implementation.

Public Authority for Social Insurance (PASI) of Oman has strived to proceed with the strategic core of social security culture and responsibility. PASI aims to improve the level of social security implementation for individuals, families and the society.

PASI seeks to improve the authority’s applied processes, and to provide sustainable services that meet the requirements of customers with high quality and efficiency, and in line with the objectives for which the authority was established.

As part of its digitization strategy, the Pension Fund of Morocco (Caisse marocaine des retraites – CMR) has developed an IT platform called “e-retraite CMR” for the paperless management of pension files. This platform serves as a data exchange interface between the CMR and employers, enabling the latter to scan pension records and transfer them to the CMR as well as monitor, in real time, the status of these files. It also keeps stakeholders and clients abreast of developments in their files.

Forum theatre is a form of theatre created in the 1960s by a Brazilian playwright and director to help fight all kinds of oppression existing in human societies. The Pension Fund of Morocco (Caisse marocaine des retraites –  CMR) drew inspiration from this type of theatre to develop a communication channel in order to change public perceptions with regard to:

The Public Authority for Social Insurance (PASI) of Oman strives to develop its collection mechanisms and provide a variety of methods and means for individuals and companies to pay the monthly contributions easily and on time. It keeps studying the mechanisms available and does researches and meetings with its stakeholders to come up with new mechanisms that help PASI to collect the monthly contributions in an effective way.

Through this project, the Public Authority for Social Insurance (PASI), in cooperation with academic and educational institutions in Oman, has sought to enrich the knowledge of social protection and its importance for children, students, job seekers and parents.

A particular feature of Morocco’s Deposit and Management Fund (Caisse de Dépôts et de Gestion – CDG) is that it performs financial management activities both on its own account and on behalf of the provident funds and schemes that it manages through its provident fund, CDG Insurance (CDG Prévoyance), which directly manages social security funds for the CDG group.

The remit of Morocco’s Deposit and Management Fund Insurance branch (Caisse de Dépôt et de Gestion Prévoyance – CDG Prévoyance), hereafter referred to as CDG Insurance, is to consolidate operational capacities in the field of provident funds so as to support the State in managing the pension schemes and solidarity funds that fall under its mandate.

The remit of Morocco’s Deposit and Management Fund Insurance (Caisse de Dépôt et de Gestion Prévoyance – CDG Prévoyance), thereafter referred to as CDG Insurance is to consolidate operational capacities in the field of provident funds so as to support the State in managing the pension schemes and solidarity funds that fall under its mandate. CDG Insurance serves around a million clients (affiliates, beneficiaries and members) with whom it is in constant contact.

Morocco’s Deposit and Management Fund Insurance (Caisse de Dépôt et de Gestion Prévoyance – CDG Prévoyance), hereafter referred to as CDG Insurance, manages a diverse range of provident fund products. It must respond, within a reasonable timeframe, to public authority requests regarding the management of new funds and products. It is in this context that it launched, in 2017, an ambitious project to develop a business model to standardize how provident fund objects are defined and the relationships between them, regardless of the product in question.

The purpose of the project is to ensure the risk and return of the investment portfolio of the Public Authority for Social Insurance (PASI) of Oman meets its target to maintain the sustainability of the scheme in order to provide the required benefits to pensioners.

The PASI risk scoring methodology is as follows:

The Public Authority for Social Insurance (PASI) since its inception has promoted the strategic core value of social security culture and responsibility. The PASI aims to raise the social security awareness level and its importance to individuals, family and the society. There are communities with high levels of social welfare supported by the government.

The Public Authority for Social Insurance (PASI) seeks to achieve its vision and mission by providing high quality services to the insured persons and the employers with speed and accuracy at the lowest costs. In line with rapid developments in the information technology field, the smart inspection system (SIS) was introduced. Work and occupational diseases are linked to several auxiliary systems developed in conjunction with the SIS which consists of several systems such as:

Among its peers, the Pension Fund of Morocco (Caisse marocaine des retraites – CMR) is innovating with the implementation of this good practice. In this respect, it is the only social security institution amongst the Moroccan Pension Funds and Insurance Companies to undergo certification, for the long term, of its internal process for social security fund investment to ensure maximum transparency and commitment in the exercise of this activity, with the aim of obtaining a label of excellence accredited by independent certifying offices.

The Civil Service Employee Pension Fund (CSEPF) vision is to achieve excellence and leadership in providing the best services to Omani nationals employed in the government sector covered by the Law of Pensions and End of Service Benefits, and investing its fund using the latest technologies. Therefore, CSEPF decided to implement online services (e-Services) through its portal, which is integrated with the existing core systems.

Technology is rapidly transforming the way that the financial sector is operating, and the management and delivery of pensions is not an exception. Therefore, the Civil Service Employees Pension Fund (CSEPF) of Oman decided to adopt electronic payments (e-payments) solution through local banks’ Business-to-Business (B2B) solution to help speed up the payment cycle and boost security and compliance.

The Civil Service Employees Pension Fund (CSEPF) is a service organization providing social protection to Omani citizens working in the public sector in Oman, the Gulf Cooperation Countries and elsewhere.

CSEPF established its Risk Department, which led to:

In accordance with good practices concerning the governance and investment of social security funds, Morocco’s Deposit and Management Fund Insurance (Caisse de Dépôt et de Gestion Prévoyance – CDG Prévoyance), hereafter referred to as CDG Insurance, tasked with managing social security funds, makes systematic use of an annual external audit of its financial management conducted by a specialized external audit firm.

Since the reorganization of the Pension Fund of Morocco (Caisse marocaine des retraites – CMR) in 2011, which placed the client at the forefront of its concerns, the Fund’s “client relationship” has changed considerably, in particular owing to the introduction and use of a marketing and multichannel approach.

In 2016, the CMR witnessed:

Civil Service Employees Pension Fund (CSEPF) is a service organization providing social protection to Omani citizens working in the public sector in Oman, the Gulf Cooperation Countries and elsewhere.

One of the core objectives of the Fund is to manage and invest the Fund’s assets to maintain their real value.

Recently, CSEPF reengineered its investment process, which led to:

The Public Authority for Social Insurance (PASI) is a long term investor with a positive cash-flow over the near- and long-term horizon. Hence, the PASI board believes that the priority for the next five to ten years should be to grow the investment portfolio in order to reduce the reliance on future contributions to pay for benefits. PASI assets were experiencing faster growth in 2014 due to increased cash inflows from monthly contributions of an additional 3 per cent.

The General Mutual Fund for Civil Service Employees (Mutuelle générale du personnel des administrations publiques – MGPAP) is keen to secure the sustainability of the financial system and to ensure that it is managed in a modern and efficient way, and has therefore embarked on an ambitious project to reform the expenditure process with the aim of guaranteeing maximum transparency, rationality and good governance.

The Civil Service Employees Pension Fund (CSEPF), Oman decided to create a Business Continuity (BC) and Disaster Recovery (DR) site to safeguard CSEPF business from all sorts of threats and crises. CSEPF considered all the criteria applicable for a business continuity site, which includes location, data centre infrastructure, communication infrastructure, workspace and accessibility, and the use of virtual machines (VM) and NetApp – Storage Brand – replication technology to guarantee the availability of the data.

Prior to the introduction of the Collective Scheme for Retirement Allowances (Régime collectif d’allocation de retraite – RCAR) in 1978 and in the absence of a statutory retirement scheme to cover them, several public establishments in Morocco managed their own retirement funds (special schemes, railway workers, mining personnel, water and electricity managers). This however suffered from the following limitations and drawbacks:

Unified communication is an increasingly important investment for organizations looking to improve productivity and responsiveness while reducing their IT costs. The convergence of voice, video, and data communications around a shared IP-based infrastructure - allowing users to easily make a call, send a message, or join an audio or video conference - is bringing benefits to businesses of every size, industry, and geography.

Faced with the disparity and geographical decentralization of its members and poor medical coverage, the General Mutual Fund for Civil Service Employees (Mutuelle générale du personnel des administrations publiques – MGPAP) has developed its local activities through two projects:

1. Local medical programmes.
2. Expansion of geographical presence through partnerships with the local authorities and government.
    

As a first attempt, the Public Authority for Social Insurance (PASI) prepared and adopted the first phase of its strategic plan to cover the period 2011-2015. In the final stage of strategic planning we took into account the principles of good governance in general and benchmarking with best practices from all over the world.

The Civil Service Employees Pension Fund (CSEPF) of Oman decided to upgrade and enhance its core pension information system (PIS) to integrate and connect with systems of other government entities. The main issues addressed by this integration are:

The Public Authority for Social Insurance (PASI) began its journey into strategic planning in 2008. Since then, the PASI has been searching for a systematic methodology to integrate strategic planning with performance management to align all operations into this vision so that all employees would work in the right direction with focus on the intended strategic results. To achieve this goal, the PASI has implemented the balanced scorecard (BSC) methodology as a tool for the integration of strategic planning with performance management.

The Public Authority for Social Insurance (PASI) was facing network performance issues on remote sites, so we looked at developing a comprehensive approach of WAN optimization and branch office consolidation. Certain applications require very low latency for break free communication e.g. Voice over IP, FileNet, office automation.

Improving data accuracy and simplifying the process of registration for employers and insured persons are always taken into consideration by the Public Authority for Social Insurance (PASI). Previously, PASI was completely dependent on the information submitted by employers for new registrations or for updating employee-related information related, with no assurance of the accuracy of the information.

In order to achieve good corporate governance, the Risk Management Department developed an excel model for Risk Rating and Grading of the PASI investment portfolio for more effective risk management:
 

1. Design Risk Measurement Models:

Data is collected from PASI investments on a monthly basis to calculate the Yearly Volatility and Return.
 

2. Capital Asset Pricing Model (CAPM)

Calculation of Beta, Expected Return and Drift Rate.
 

The Public Authority for Social Insurance (PASI) launched a project aimed at providing specialized offices to receive the insured persons who wish to get insurance advice. Well-trained staff will carry out the functions of the service under the following main categories: early retirement and cases of lump sum requests on grounds of dedication to family on a full-time basis.

In 2012, as part of its paperless strategy, Morocco’s Interprofessional Retirement Fund (Caisse interprofessionnelle marocaine de retraite – CIMR) launched an e-signature application entitled “E-parapheur”. This electronic signature system was established with a view to securing the payment process through the creation of a paperless workflow for signing bank transfer orders for the payment of retirement benefits and purchases.

The Business Continuity Management System (BCMS) aims to manage the operations that identifies the potential threats on the Public Authority for Social Insurance (PASI) of Oman. Considering the core operations in relation to assets, people and operations, there must be plans to build flexible ways to protect the interests of the main stakeholders and the reputation of the Authority.

The project works on providing sustainable plans and updating them to enable the Authority to achieve goals related to business continuity (BC), as follows:

The Collective Scheme for Retirement Allowances (Régime collectif d’allocation de retraite – RCAR) has introduced a fully computerized and versatile multi-scheme, multiproduct organizational and technological management platform, consisting of a multi-channel Customer Relations Centre (agencies, a call centre, web/mobile, social networks), a multiproduct Payment Centre, and a computerized Back Office that is integrated with RCAR’s partners.

The Public Authority for Social Insurance (PASI) board of directors have decided to develop and implement a Business Continuity Management System (BCMS) to help provide efficient and reliable social insurance and protection services, and to achieve its objectives through:
 

The Public Authority for Social Insurance (PASI) has been responsible for developing internal policies and procedures to facilitate customers' access to the deliverables set by the Social Insurance Law.

PASI's goal is to ensure that all policies and procedures are made available to all staff and that they are written in such a way as to clearly specify the policies and procedures for any given matter.

Good governance on Fund financing requires a set of regular checks including proof of life.

In this context and in anticipation of a national and computerized civil register allowing death investigations, the Pension Fund of Morocco (Caisse marocaine des retraites (CMR)) has adopted an innovative practice based on pension provision control in the beneficiary's bank branch. Thus, targeted pensioners simply go to their usual bank branch to get their pensions by e-mandate. This release is therefore treated as a proof of life.

The Pension Fund of Morocco (Caisse marocaine des retraites (CMR)) ensures the financial equilibrium of the pension schemes it manages by preparing actuarial balance sheets that are presented annually to its Board of Directors. The balance sheet results help decision-makers assess the scheme's financial sustainability and take decisions on steering the system or adjusting the parameters.

The information technology (IT) department facilitates the integration of work between the various departments of PASI and plays a very critical role in the smooth functioning of the organization. For the IT department to fulfill this role, the IT infrastructure should also be up to the mark and be of the latest standards in terms of the products available and operations.

The Pension Fund of Morocco (Caisse marocaine des retraites – CMR) is managed by a tripartite Board of Directors. In 2001, a Permanent Committee was put in place to prepare Board sessions and monitor the implementation of decisions and resolutions of the Board. In addition, the Board created two support committees in 2011 to strengthen the governance of the Fund: the Asset Allocation Committee and the Audit Committee.

PASI benefits from the more secure employer/employee registration procedures by using the mutual database, resulting in:

1. reduced paper-work, faster procedures and a reduction in errors;
2. clients only submit data once (instead of for both PASI and the Ministry of Manpower);
3. guaranteed payment of the monthly contributions due within the time limits;
4. reduced costs for PASI and a reduction of approximately 40 per cent in the number of clients attending PASI's offices.

Financial performance certification is a commitment by the Pension Fund of Morocco (Caisse marocaine des retraites (CMR)) since 2009 concerning its governing bodies. This practice is part of the management reserve fund's modernization (FDR: fonds de réserve) scheme.

In fact, the CMR opted, without regulatory constraint, for the performance certification of the various pension plan portfolios it manages. It is an annual total portfolio and asset class financial performance audit by an independent expert.

The Collective Scheme for Retirement Allowances of Morocco (Régime collectif d'allocation de retraite (RCAR)) launched a vast modernization undertaking in 2004 named the "Excellence Programme". The corruption prevention device was one of the bases for this endeavor. Since then, the RCAR has made considerable efforts to establish transparency and to develop services with high added value.

CSEPF sought to simplify the procedure by developing cooperation with the Civil Register of deaths in Oman to eliminate the annual follow-up, the objectives of which were essentially two: ensuring that retirees were alive and that none was receiving any other pension from the State Treasury.

The Directorate of Workers 19 Social Protection (Direction de la Protection Sociale des Travailleurs (DAPS)) developed the ATLAS software as part of the reflection on and reform of pension schemes in Morocco. It is designed to respond to the specificities of Moroccan pension schemes. It can be used to develop projections that will assist in piloting these schemes by producing:

In setting limits for particular types of risk, the social security fund should consider its solvency position and its risk tolerance. Limits should be set after careful consideration of corporate objectives and circumstances, and should take into account the projected outcomes of scenarios run using a range of plausible future business assumptions.

It opted for total quality management. The American BALDRIGE system, ISO 9001 and FDX 50-176 were chosen as reference models, together with COBIT, ITIL, CMMI and PMBOK.

The scoreboard is a management tool designed to assist decision-making. It groups performance indicators concerning the financial and demographic status of a pension scheme as well as equity and intra- and inter-generational solidarity, in the form of a structured and synthetic report. It enables decision-makers to keep track of the evolution of the system they are managing, to detect possible threats and take the necessary decisions at the appropriate time.

Therefore, PASI decided to provide grants within three days, and the pension within five days of the death, without waiting for the routine death notification. As a result, PASI developed a mechanism using all available means to find eligible cases, and - immediately - send a staff member to offer condolences on behalf of PASI and hand over the amount of the grants to the family. The family of the deceases is requested to apply for the death pension which PASI uses all available resources to provide within five days.

Thanks to its ambitious strategic plan and its Excellence Programme, the Collective Scheme for Retirement Allowances of Morocco (Régime collectif d'allocation de retraite (RCAR)) implemented a fully flexible multichannel customer relationship system, to anticipate and meet the expectations of the government, its customers and its partners.

Since its reorganisation in 1996, the Pension Fund of Morocco (Caisse marocaine des retraites (CMR)) has managed civil service pension schemes and services on behalf of third parties. The CMR follows a multi-annual strategic planning process, characterized by a multidimensional, balanced distribution of its objectives into five areas of focus: governance, finance, process, resources and clients.

Our approach is based on the Enterprise Risk Management Framework (COSO-ERM Framework). The underlying premise of enterprise risk management is that every entity exists to provide value for its stakeholders. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of
the entity's objectives.

Within this framework, the Collective Scheme for Retirement Allowances (Régime collectif d'allocation de retraite (RCAR)) has clarified its mission and defined its vision in order to play a major role in the nationwide project to modernize the national economy and to participate actively in the modernization of the pension sector in particular.

The RCAR set up a link between its IT corporate system and its institutional site in 2003. This enabled its employer clientele to consult their financial records, its members to visualise their status and its pensioners to find out their payment status. Today, the RCAR sees the WEB as a particularly effective channel for communication and distribution. The RCAR has recently restructured its site completely, changing the graphics and functions in order to make it more user-friendly, richer and more robust.

The conditions under which pensioners collected their pensions in Moroccan post offices and over the counter of the Royal Moroccan Treasury offices were felt to be very difficult, so the CMR launched a programme to dematerialise payment operations through the introduction of protocols governing the use of EDI platforms in banks, the Moroccan Post Office and the Treasury.

The increase in the number of transactions carried out via the Fund's web site is proof of the demand for these services. It rose from 310 in 2003 and 878 in 2004 to 60,220 in 2005 and 227,495 in 2006. In 2007 and the 1st semester of 2008 it rose to 92,980 and 63,564, respectively.

Our aim was to stimulate and enhance the value of the capital of knowledge and skills within the organization, not just sharing information but also ensuring that the right information was in the right hands at the right moment for more effective decision-making. This type of knowledge management was greatly facilitated by Net-based progress in terms of the collective management of documents and team working.

The main objective is to align its plans of action and projects with its profession based strategy in order to create added value for actors involved in the scheme. Two main levers have been chosen in order to achieve this, organisational quality and control of administrative costs.

These levers have been introduced within the framework of a total quality management (TQM) system.

This portal, which has been in service since 2003, enables enterprises which are members of the CNSS to submit their salary declarations and pay their social contributions online under well established secure conditions.

The new service offers the following advantages: transparent and reliable data, protection of salaried workers' rights, and fewer complaints and disputes.

Since reforms of its scheme were implemented in 2003, the Interprofessional Retirement Fund (Caisse interprofessionnelle marocaine de retraite – CIMR) of Morocco has created its steering committee, composed of managers and senior members of the institution, which is aimed mainly at proposing to the Administrative Council all necessary measures to maintain the sustainability of the Fund over the long term, on the basis of updated financial and actuarial projections.

CDG Prévoyance, a branch of Morocco’s Deposit and Management Fund (Caisse de dépôt et de gestion – CDG), is responsible for managing two institutions: the National Pension and Insurance Fund (Caisse nationale de retraites et d’assurances – CNRA) and the Collective Pension Scheme (Régime collectif d’allocation de retraite – RCAR). Its primary mission is to ensure the management of pension schemes and solidarity funds, while contributing to the country’s economic, social and human development.

As part of its social mission, Morocco’s CDG Prévoyance manages, by way of the National Pension and Insurance Fund (Caisse nationale de retraite et d’assurances – CNRA), a public institution guaranteed by the State, a multitude of schemes and solidarity funds covering various categories of beneficiary. As such, the CNRA is responsible for collecting the constituent capital, which is calculated according to rates imposed by legislation.