French workers need to work until age 64 to get full pension

Image
AP Paris
Last Updated : Dec 11 2019 | 5:40 PM IST

French Prime Minister Edouard Philippe said the minimum retirement age will remain 62, but workers will have to work until 64 to get a full pension.

In a sweeping speech Wednesday, he said the implementation of the pension changes will be delayed. The new pension system will only apply to people born after 1975.

The measures will start being implemented for new workers entering the labor market in 2022, which is the final year of President Emmanuel Macron's current term.

The government's announcements come on the seventh straight day of a crippling transport strike and after hundreds of thousands of angry protesters have marched through French cities.

France's prime minister is expected to unveil proposals on pension reforms that might calm tensions on the seventh straight day of a crippling transport strike.

Hundreds of thousands of angry protesters have marched through French cities.

On Wednesday in the Paris region, authorities measured around 460 kilometers (285 miles) of traffic jams, and all but two of the city's metro lines closed. Commuters also used means other than cars to get to work, such as shared bikes and scooters.

Many French commuters still express support for the strikes despite the chaos, owing to fears their pensions will shrink under President Emmanuel Macron's plan.

Prime Minister Edouard Philippe is, according to French media, expected to offer a series of proposals that could include concessions on the reforms, such as a delay in their implementation.

Unions fear that a new system, which replaces a national pension system with special privileges for some in the transport sector, will force people to work longer for smaller pension allocations. The government says it won't raise the age of retirement up from 62.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 11 2019 | 5:40 PM IST

Next Story