Latest news with #LawNo.02.24
Morocco World
07-04-2025
- Business
- Morocco World
Morocco to Implement New Retirement Pension System Starting May 1
Rabat — The National Social Security Fund (CNSS) announced that May 1 is the starting date on which they will implement old-age pensions, with retroactive payments dating back to each individual's retirement date. According to the CNSS announcement, starting May 1 and under Decree 2.25.265, people who retired between January 1, 2023, and the effective date of Law No. 02.24 will qualify for old-age pensions if they have between 1,320 and 3,240 days of insurance coverage. Benefits will be paid retroactively from their retirement date. The minimum pension amount will vary between MAD 600 and 1,000 ($60-$100) , depending on the number of insurance days accumulated by each beneficiary. These pensions will also include Mandatory Health Insurance (AMO) coverage. In cases where an insured person with at least 1,320 insurance days has died, their eligible dependents can apply for survivor benefits, the CNSS stated. Under current legal provisions, for retirees who don't meet the minimum requirement of 1,320 contribution days to qualify for an old-age pension, they or their eligible dependents (in case of death) can request a refund of both their contributions and those of their employer. Eligible individuals can submit applications through the 'TAAWYDATI' (my compensations) portal or at their nearest CNSS agency starting May 1. Read also: Morocco Lowers Pension Eligibility to 1,320 Workdays Under New Social Security Law Meanwhile, under Decree 2.25.266, new measures aim to provide year-round social and medical coverage for share-based fishermen and their dependents. The criteria and methods for calculating their social security contribution days, along with the distribution procedures for overall revenue from share-based fishing vessels, will be defined by a decision from the Minister of Economy and Finance, according to the CNSS. Both decrees — 2.25.265 concerning old-age pensions and contribution refunds, and 2.25.266 addressing income smoothing for share-based fishermen — were approved last Thursday by the government council. This new pension system is part of Morocco's larger efforts to digitize its bureacratic systems. Tags: MoroccoPension reformRetirement reform
Morocco World
12-03-2025
- Business
- Morocco World
Morocco Lowers Pension Eligibility to 1,320 Workdays Under New Social Security Law
Rabat – Morocco adopted a new social security measure, Law No. 02.24, which introduces major changes to pension benefits, including allowing more people to qualify for retirement pensions. One of the key changes in the law is reducing the minimum required work days to receive a pension. Previously, workers needed 10 years and 4 months of contributions. Now, they can qualify with just 1,320 days of work, which equals about 4 years and 3 months. The law was published in the Official Gazette. People under 60 who have worked between 1,320 and 3,239 days can now receive a minimum pension. The amount will depend on their total work days. For instance, workers with 1,320 to 1,704 days will receive MAD 600 ($60) per month, while those with 1,705 to 2,088 days will get MAD 700 ($70 per month. The pension increases up to MAD 1,000 ($100) per month for those with 2,856 to 3,239 days. The law applies retroactively to retirees who left work between January 1, 2023, and the law's enforcement date, as long as they have at least 1,320 days of contributions but less than 3,240 days. However, it does not apply to those who turned 60 before January 1, 2023. To receive benefits, eligible individuals should submit an application within 24 months of the law coming into effect. Applications can be made online or through other available methods. The new law strengthens the National Social Security Fund (CNSS) by making its debts legally recognized as public debts. This will help improve debt collection. In addition, the law promotes the digitalization of social security services, including online document processing and employer declarations. The measure also allows CNSS to manage other social protection systems if authorized by legislation or agreements, giving the organization's Director-General more powers to manage the fund and allows CNSS to create subsidiary companies to improve service management. Tags: Pension reform slated for Moroccoretirement in Morocco
