Pension Systems in Morocco Threatened by Depletion of Reserves by 2030
The pension systems in Morocco have entered a critical phase, with the depletion of their financial reserves predicted to begin by 2030, according to the latest forecasts from the Higher Council for Social Protection. Estimates indicate that the first signs of fund exhaustion will emerge that year, primarily affecting the civil pension system managed by the Moroccan Pension Fund, followed by the CNSS and RCAR systems and military pensions.
Starting in 2028, the funding needs of all systems will escalate, peaking at approximately 63 billion dirhams by 2045. In light of these alarming figures, the government has begun preparing a comprehensive structural reform, which aims to establish a dual system: a public one that combines the CMR and RCAR, and a private one centered around the CNSS.
The government intends to implement this reform gradually and collaboratively, based on the recommendations of the Retirement Reform Steering Committee. In this context, technical working groups have been established since last March to study scenarios that integrate the existing systems.
The ultimate goal of this reform process is to ensure the financial sustainability of pension systems and protect the rights of future retirees, while taking into account the specificities of each system and the ability of stakeholders to bear the costs of reform, as well as expanding social coverage to include broader categories.
