Pension systems in Morocco recorded a notable increase in contributions and a disparity in technical balances during 2024. According to the twelfth annual financial stability report issued by Bank Al-Maghrib, the Insurance and Social Security Authority, and the Moroccan Capital Market Authority, the total contributions reached 66.8 billion dirhams, marking an 8.9% growth compared to 2023.
The value of compensations provided rose to 71.1 billion dirhams, reflecting a 5.8% increase. Meanwhile, the reserves accumulated by various systems approached 327 billion dirhams, achieving a growth of 4.6%. Contributions from the civil pension system affiliated with the Moroccan Retirement Fund saw an increase of 10.6%, driven by the first tranche of wage increases established under the social dialogue of April 2024. Despite this improvement, the system still faces a technical deficit of 7.2 billion dirhams, although this represents a relative reduction in the size of the deficit compared to the previous year.
The collective retirement pension system also experienced a 6.9% rise in contributions; however, it continues to record a technical deficit. In contrast, the long-term retirement branch of the National Social Security Fund achieved an overall surplus of 4 billion dirhams during the same year, with an increase of 273 million dirhams compared to 2023, thanks to contributions rising to 19.3 billion dirhams, a 6.7% increase.
The Moroccan Professional Retirement Fund also reported an 8.8% increase in contributions, reaching 12 billion dirhams, while it is expected that the technical surplus it generates will remain stable within the forecasted period. These data highlight the performance disparities among pension systems, underscoring the need to continue reforms to ensure the sustainability of financial balances within this vital sector.
