The allowance will benefit employees who suffer from suspended pay during the crisis caused by COVID-19.
Rabat – Morocco’s national fund for the fight against the novel coronavirus (COVID-19) is set to pay MAD 2,000 ($203) to all employees affected by the epidemic, announced Minister of Economy Mohamed Benchaaboun today, March 19.
The stipend will cover all the employees registered in the National Social Security Fund (CNSS) and whose pays will be suspended because of the COVID-19 epidemic.
The National Economic Monitoring Committee, chaired by Benchaaboun, implemented a series of measures to mitigate the economic damage of the pandemic.
The measures concern three main axes: Employees, small and medium businesses, and taxes.
In addition to the MAD 2,000 indemnity, employees with suspended pay will receive family allowances and Obligatory Medical Insurance (AMO).
Banks will also postpone loan payments for employees with suspended pay for the next three months.
As for employees who are not registered in the CNSS, the technical committee is still studying the possible assistance measures.
Small and medium businesses will also benefit from a postponement of their loan payments until the end of June.
The companies will have access to new loans if they risk bankruptcy, along with an exemption from the charges paid to the CNSS.
Finally, the businesses with a turnover of less than MAD 20 million ($2.03 million) can report the payment of their fiscal charges from the end of March until June.
While the measures aim to assist the most severely-hit economic sectors, it remains to be seen how well they can cushion the fall of the Moroccan economy.