London, Dec. 3, 2020 (AltAfrica)-Morocco’s Compensation Fund assisted 77,826 workers who lost their job since its creation in 2014, Minister of Labour Mohamed Amkraz said

At the House of Councilors, the minister said the compensation fund used a budget of MAD 962 million ($107 million) to assist workers who lost their employment.

He said that the number of beneficiaries in 2020 reached 13,871, with a compensation budget of nearly MAD 84 million ($9.34 million) during the first nine months of the year.

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Amkraz said the beneficiaries include employees who were unfairly dismissed from their job or who lost their job due to circumstances beyond their control.

To benefit from the fund, workers must have accumulated 780 days of wage declarations during the last 36 months preceding the date of loss of employment, including 260 days during the last 12 months preceding this date.

The official emphasized the importance of workers registering with the National Agency for the Promotion of Employment and Skills (ANAPEC) in order to benefit from Morocco’s Compensation Fund in case of job loss.

The minister also announced the results of an evaluation study from the National Social Security Fund (CNSS)

After the evaluation of the job loss compensation system, the Moroccan government decided to revise eligibility conditions and simplify administrative procedures to widen the circle of beneficiaries, Amkraz said.

Morocco has supported the Compensation Fund with nearly MAD 250 million ($27.8 million) since its creation and will support it with MAD 54 million ($6 million) per year, according to the labor minister.

Morocco introduced the Compensation Fund in 2014. The fund concerns private sector employees with CNSS who are registered with ANAPEC.

The compensation for loss of employment equals 70% of the average monthly salary declared during the last 36 months preceding the date of loss of employment.

The Ministry of Labor predicted in July that Morocco could lose 712,000 jobs this year due to the COVID-19 crisis.

The crisis cost thousands of Moroccans their jobs in several businesses impacted by the pandemic.

According to official data from November, Morocco’s national unemployment rate maintained steady growth, reaching 12.7% in the third quarter of 2020 from July to September.

In the previous quarter, the national unemployment rate broke the highest record since 2001 when it reached 12.3%.

The urban unemployment rate rose from 12.7% in 2019 to 16.5% in 2020. Meanwhile, the rural unemployment rate witnessed an annual growth from 4.5% to 6.8%.