科摩罗的养老金改革：科摩罗联盟

Pension Reform in MehdiEl-Herradi, MartinBlumhart, MoustaphaDiouf,and JasminaPapa SIP/2026/015 IMF Selected Issues Papers are prepared by IMF staff as backgrounddocumentation for periodic consultations with member countries.It isbased on the information available at the time it was completed onJanuary27, 2026MAR IMF Selected Issues Paper African Department Pension Reform in Comoros, Union of the ComorosPrepared by MehdiEl-Herradi, MartinBlumhart, MoustaphaDiouf, and JasminaPapa Authorized for distribution byRuud Vermeulen IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it was ABSTRACT:This paper assesses the financial outlook of the pension system in Comoros based on recentactuarial analyses and examines reform options. It documents structural imbalances arising from systemdesign features, limited contributor coverage, and demographic dynamics, which are projected to generateincreasing financing pressures over time. The analysis identifies the key drivers of projected deficits and RECOMMENDED CITATION:El Herradi, Mehdi, Blumhart, Martin, Diouf, Moustapha, and Papa, Jasmina,2026, “Pension Reform in Comoros” IMF Selected Issues Paper(SIP/26/15).Washington: International SELECTED ISSUES PAPERS Pension Reform in ComorosUnion of the Comoros Prepared by M. El-Herradi, M. Blumhart, M. Diouf, and J. Papa. UNION OF THE COMOROS SELECTED ISSUES January 27, 2026 ApprovedByThe AfricanDepartment Prepared ByMehdi El-Herradi (ICD),Martin Blumhart,Moustapha Diouf, and Jasmina Papa (all ILO) CONTENTS PENSION REFORM IN COMOROS __________________________________________________3 A. Executive Summary _________________________________________________________________3B. Context _____________________________________________________________________________3C. The Pension System’s Structure and Challenges ____________________________________4D. Methodology _______________________________________________________________________6E. Financial Assessment and Outlook __________________________________________________7F. Reform Options and Impact Analysis______________________________________________10 FIGURES1. SDG Indicator 1.3.1 (Selected)_______________________________________________________3 2. Demographic Ratios ________________________________________________________________53. Average Legal Contribution Rate vs. Required PAYG Rate___________________________74. CRC: Net Result Under Alternative Scenarios, 2020–2024 ___________________________85. Civil Servants' Scheme Financing Needs, 2020-2035 ________________________________96. CRC’s Schemes Projected Financing Needs _______________________________________107. Civil Servants’ Scheme - Financing Needs Under Different Contribution Rates ____11 TABLE 1. Key Parameters of CRC Pension Schemes ___________________________________________5 References___________________________________________________________________________17 UNION OF THE COMOROS APPENDIX I. Pension Reforms in Comoros _______________________________________________________________ 18 PENSION REFORM IN COMOROS A.Executive Summary Social protection coverage is limited in Comoros, with only a small share of the population benefittingfrom formal safety nets. In this context, the public pension system—managed by the Caisse desRetraites des Comores (CRC)—plays an important role in providing income security to affiliatedretirees and contributing to broader social stability. However, mounting financial imbalances riskundermining the system’s ability to deliver on its benefit commitments. Building on actuarial analyses B.Context 1.Social protection coverage in region. According to the latest availableestimates, only about 3 percent of thepopulation was covered by at least onebranch of the social protection system in20222, a figure significantly below the 9.7percent average for low-income countries(LIC) and regional peers (Figure 1). Whilecoverage of pension contributors is Note: Indicator 1.3.1 measures the proportion of the population receiving atleast one form of social protection, among others: old-age benefits,maternity benefits, family allowances, unemployment protection, and social the broader social protection system to deliver adequate support to vulnerable segments of the 2.The pension system in Comoros—theCaisse des Retraites des Comores(CRC)—servesas the main component of the formal safety net, providing income support to retirees andtheir families. However, the CRC is facing mounting financial sustainability challenges, particularlywithin the civil servants’ scheme, driven by a widening gap between rising benefit expenditures and 3.This paper contributes to the ongoing pension reform agenda in Comoros byquantifying the projected financing gap of the pension fund and examining the impact ofvarious reform scenarios using actuarial simulations. Based