Raising the retirement age: Is it the right path to reform?

Abstract

Reform pension systems is a problematic at the global level. No retirement system can guarantee its sustainability without being based on solid, harmonious and consistent foundations in all its dimensions: technical, legal, social, political and economic. As for Morocco's experience, pension reform was a problem that had been discussed for many years and created a range of accumulations. Chronology of events shows that thinking about reforming pension schemes is not born today but has passed through a range of stages. This reform defined its rules in a dangerous triple: an increase in retirement age, an increase in the proportion of contributions and the method of calculation.

Raising the retirement age, according to the Technical Committee on Pension Reform, is an inevitable solution in pension reform, as it achieves a range of positives, but it must not be seen as the magic wand that will resolve the crisis owing to a range of considerations. Other alternatives that are more effective and feasible must also be considered.

Keywords: Pension scheme - raising retirement age - life expectancy - governance - hard work .