Solidarity funds compelled to inject money into "CNR" fund up to 2021

date 2016/10/17 views 368 comments 0

icon-writer By: Imène Aouimer /*/ English Version: Med.B.

The Government has ordered the social security funds as part of their lending policy to continue financing the national pension fund "CNR" for another 5 years, ie until the year 2021, hoping that the Fund will gradually recover financially as soon as parliament's approval of the new retirement law under which pre-proportional pension will be subject to cancellation.

The social security funds will be required to  pump money into the CNR coffers to meet any shortfall in the payment of pensions of retirees if needed, in addition to allowing the government to ponder about other alternatives to finance the ailing pension’s fund, reliable sources close to the file told “Echorouk”.

Before the entry into force of the newly-devised retirement law in January 2017, the numbers of applicants recorded so far by the Ministry of Labour stands at more than 30 thousand employees who have already deposited their files for access to retirement or pre-retirement, and the number is likely to rise even further before this deadline, according to the same sources.

In this respect, the Minister of Labour, Employment and Social Security Mohamed El Ghazi said Sunday in Algiers that the proportional retirement age and without condition generated expenditures estimated at 405 billion Dinars annually.

Faced with this adverse situation the CNR fund will be forced to expand the size of the financial mass to cover the expenses incurred by the pensions of retirees estimated at 2.8 million nationwide, while  the Government decided to extend the solidarity policy among the various social security funds, under the banner of the Ministry of Labor, Employment and Social Security, because of the current bad financial situation now facing the country due to the steady slump in world oil prices.

  • print