London/Paris
CNN
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The French government is planning to raise the official retirement age by two years as part of a long-delayed reform to the country’s pension system that prompted labor unions to call for nationwide strikes next week.
New legislation will require French citizens to work until 64, from 62 currently, to qualify for a full pension. From September this year, the regular retirement age will increase by three months a year until 2030.
The higher retirement age should tackle a pension funding deficit, Prime Minister Élisabeth Borne told reporters on Tuesday as she laid out the reforms.
“I am well aware that changing our pension system raises questions and fears among the French people,” she said, but added that allowing the deficit to grow would be “inexcusable.”
The proposed reforms will bring in about €17.7 billion ($19 billion) annually by 2030, Finance Minister Bruno Le Maire said at the press conference.
Other changes announced by Borne include increasing the minimum monthly pension allowance and counting maternity leave towards a woman’s years of work. Those who started work below the age of 16 will be entitled to retire at 58, she said.
Starting in 2027, a person will have had to have worked for 43 years to receive full state pension benefits.
Revamping the pensions system has been a key element of French President Emmanuel Macron’s …….
