Mon. Feb 6th, 2023
France to raise retirement age by two years

The French government plans to increase the retirement age by two years. Currently, citizens of the country retire from work at the age of 62. However, the government is thinking of increasing that limit to 64 years by 2030. This information was given in a BBC report.

Reforming the pension system was an election promise of French President Emmanuel Macron. When Makhon was first elected president in 2017, he promised to reform the pension system. But at that time a large part of the country’s citizens opposed this decision. After that, due to Corona, the implementation of Makhon’s idea was not possible. Now coming to power for the second term, Makhon took that initiative again. Because this term is his last chance.

French Prime Minister Elisabeth Berni says changes are needed to avoid systemic complications in the pension sector. From this year the retirement age will be increased by three months every year. Through this, the target of 64 years will be reached by 2030.

Other proposals to reform the pension sector include a minimum age of 43 to receive full pension from 2027, up from 42 at present. Government jobs considered physically or mentally demanding, including police officers, prison guards, air traffic controllers, will retain the right to early retirement. Apart from this, various age limits for retirement and other benefits for railway, power and gas sector employees will be removed.

However, a large part of the country’s citizens are against this decision. A recent poll showed that 80 percent of the French population said they were against the decision. Even several MPs from Makhon’s party are opposing this decision. They say that they lost their majority in the last parliamentary elections due to Makhon’s decision.

The French government says the reforms will balance the pension budget. At the same time, by 2030, it will increase the total savings of 1,770 million euros per year. Besides, the government believes that the employment rate among the 60-64-year-olds will also increase.