Macron presses ahead with pension reform
January 10, 2023 - Emmanuel Macron plans to overhaul France’s costly pensions system by raising the retirement age, but faces strong opposition.
Macron’s government is to present a draft law, which is expected to require French citizens to work two or three years past the current retirement age of 62 to qualify for a full pension.
With one of the lowest retirement ages in the industrialised world, France also spends more than most other countries on pensions at nearly 14% of economic output, according to the Organisation for Economic Cooperation and Development.
With labour unions vowing to strike over any rise in the retirement age and leftwing and far-right parties gearing up to contest the reforms, the fight is shaping up to be a test of whether Macron can deliver on his second-term agenda.
The gamble comes at a difficult juncture for the French economy, which may have already contracted at the end of last year as soaring power prices and record inflation weighed on households and businesses.