Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Macron, unions head for French pension reform showdown

Published 01/09/2023, 08:06 PM
Updated 01/10/2023, 03:51 PM
© Reuters. FILE PHOTO: Protestors and French CGT labour union workers attend a demonstration as part of a nationwide day of strike and protests to push for government measures to address inflation, workers' rights and pension reforms, in Paris, France, September 29,

By Caroline Pailliez and Ingrid Melander

PARIS (Reuters) -The French should work two years longer to age 64 before retiring, the government said on Tuesday, announcing an unpopular pension system overhaul that immediately prompted unions to call for strikes and protests.

The right to retire at a relatively young age is deeply cherished in France and the reform will be a major test of President Emmanuel Macron's ability to deliver change as social discontent mounts over the cost of living.

The reform's passage through parliament will not be easy. Macron's government says it is vital to keep the pension budget out of the red. Unions argue the reform is unfair and unnecessary.

"Nothing justifies such a brutal reform," Laurent Berger, leader of the moderate, reform-minded CFDT union, told reporters after trade union leaders agreed on a nationwide strike for Jan. 19, which will kick off a series of strikes and protests.

An Odoxa poll showed four out of five citizens oppose the higher retirement age.

"I'm well aware that changing our pension system raises questions and fears among the French," Prime Minister Elisabeth Borne had told a news conference shortly before.

"We offer today a project to balance our pension system, a project that is fair," she said, adding that France had to face reality.

Overhauling the pension system was a central pillar of Macron's reformist agenda when he entered the Elysee Palace in 2017. But he shelved his first attempt in 2020 as the government battled to contain COVID-19.

The second attempt will not be any easier.

"It's one slap in the face after another," said 56-year-old Frederic Perdriel during a small protest in the western city of Rennes ahead of Borne's announcement. "There are other ways to finance pensions than raising the retirement age."

"BRUTAL, CRUEL"

Macron and Borne will need to win support among conservative Les Republicains (LR) lawmakers in the coming months to pass the reform in parliament.

That looks less challenging than it did a few weeks ago after concessions on the retirement age - Macron had originally wanted it to be 65 - and a minimum pension.

Olivier Marleix, who leads the LR group in the lower house of parliament, reacted positively to Borne's announcements.

"They heard us," he said, while asking for more efforts to ensure employment for people close to retirement age.

Even so, LR is divided on the issue, so every vote counts.

The Socialists, the hard-left La France Insoumise (France Unbowed) and the far-right's National Rally were swift to denounce the reform. Left-wing lawmaker Mathilde Panot branded the plan "archaic, unfair, brutal, cruel."

"The French can count on our determination to block this unfair reform," the far-right's Marine Le Pen said.

Under the government plan, the retirement age will be raised by three months per year from September, reaching the target age of 64 in 2030.

From 2027, eight years earlier than planned in past reforms, it will be necessary to have worked 43 years to receive a full pension.

© Reuters. A banner depicting French Prime Minister Elisabeth Borne and French President Emmanuel Macron is pictured as protestors attend a demonstration against pension reform in Rennes on the day the French government unveils its pension reform, France, January 10, 2023. REUTERS/Stephane Mahe

Other measures aim to boost the employment rate among 60 to 64-year-olds, which is one of the lowest among leading industrialised nations.

With one of the lowest retirement ages in the industrialised world, France also spends more than most countries on pensions at nearly 14% of economic output, according to the Organisation for Economic Cooperation and Development.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.