Morocco Pension Crisis: 10-Year Viability Warning

In 2025, the long-term branch of the CNSS collected 20.3 billion dirhams in contributions, up 5.2%. Its benefits reached 18.3 billion dirhams, after a faster increase of 8.8%.

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Its technical surplus thus fell to 2 billion dirhams, compared to 2.4 billion a year earlier.

According to Bank Al-Maghrib’s 2025 Annual Report on Financial Stability, projections limit the viability horizon of this branch to ten years.

Three parameters to review

The system’s pre-financing rate stands at 58%. Bank Al-Maghrib estimates that this situation reflects structural under-pricing of the rights granted.

The report cites three levers to strengthen the system’s viability: raise the contribution rate, review the retirement age and modify the conditions for acquiring pension rights.

The CNSS pension branch still had 69 billion dirhams in reserves deposited with the Deposit and Management Fund at the end of 2025.

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The system is therefore not yet in deficit. But the decline in its surplus and the viability horizon limited to ten years make its reform difficult to avoid.