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France’s pension reform infographic
Graphic charts the pension spending as percentage of the GDP of selected industrialised countries, and the average labour market exit age.
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ECONOMICS

Macron presses ahead with pension reform

By Jordi Bou

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.

Sources
PUBLISHED: 10/01/2023; STORY: Graphic News; PICTURES: Getty Images
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