Rabat – The latest Financial Stability Report, jointly published by Morocco’s central bank Bank Al-Maghrib (BAM) the Moroccan Capital Market Authority (AMMC), and the Insurance and Social Welfare Supervisory Authority (ACAPS), has shed light on significant challenges facing the country’s pension sector.
The report underlined the precarious financial situation of the country’s major pension schemes. Despite recent reforms and adjustments, the report said that the financial health of these schemes remains under strain.
It pointed out that major Moroccan pension schemes, including the Caisse Marocaine des Retraites (CMR), the Régime de Prévoyance Sociale (RPC), and the Régime Collectif d’Allocation de Retraite (RCAR), are grappling with financial difficulties. Although recent salary adjustments might slightly extend the lifespan of these pension reserves, they do not ensure long-term stability, the report said.
The general regime of the Caisse Nationale de Sécurité Sociale (CNSS) is also under pressure. Recent changes, reducing the minimum contribution period for pensions from 3,240 days to 1,320 days, are expected to accelerate the regime’s deficit and deplete its reserves more quickly than anticipated.
The report stressed the need for a major overhaul of the pension system through the creation of a dual-pillar system — public and private — as part of a broader strategy to address past liabilities and ensure long-term sustainability.
“This reform should enable the introduction of a pricing system for retirement schemes capable of addressing a significant portion of their uncovered past commitments,” the report said.
It added that these reforms are crucial for stabilizing the pension system and securing future benefits. In addition, it stressed that implementing these changes will be essential to maintaining the financial health of Morocco’s pension schemes and meeting future obligations.
The report suggested that while immediate measures may offer temporary relief, substantial reform is needed to address the structural challenges facing the pension sector.
