Morocco’s pension schemes collected 73 billion dirhams in contributions and paid out 75.3 billion dirhams in benefits in 2025. Despite holding 340.8 billion dirhams in reserves, the viability of the Moroccan Pension Fund (CMR) is limited to five or six years, while the long-term branch of the National Social Security Fund (CNSS) has a 10-year horizon. This actuarial urgency is compounded by a coverage challenge: the planned expansion of pension coverage to nearly five million undeclared workers, as part of the social protection reform, has yet to be implemented.
