Morocco Plans to Raise Retirement Age to 63 Amid Pension Reform Push

We have to work longer, because we live longer. It is in this perspective that the government of Aziz Akhannouch intends to raise the retirement age from 60 to 63 years. The project will be presented to the unions in the coming days, reports Assabah, citing the Minister of Economy and Finance, Nadia Fettah.

During a study day organized on Wednesday, the minister explained that the executive plans to raise the retirement age and increase the contribution rate to fill the projected pension scheme deficit in 2024.

Concretely, the government will propose to the unions to raise the retirement age to 65 years in the public sector. It would ensure a balance between the rights of young civil servants and those approaching retirement age, as well as employees who have reached the legal retirement age.

To compensate for the deficit, the study proposes several scenarios, including expanding the base of members and adopting supplementary pension schemes. It should be remembered that the civil service pension scheme will exhaust its reserves, estimated at 70 billion dirhams, in 2028.