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France Raises Retirement Age To Cut Pension Costs

October 10th, 2010 davidguide

AHN News Staff

Paris, France (AHN) – Defying trade union threats, the French Senate on Friday approved an increase in the country’s retirement age from 60 to 62 in an effort to reduce pension costs. Union leaders are expected to protest the move and called a national strike on October 16.

Parliament’s Lower House has already supported the reform, but it will not go into affect until the Upper House approves it.

The government hopes that the reform will be fully approved by the end of this month. If the proposal gets the approval, the employees will not be able to qualify for state pension until they work for a minimum of 41.5 years.

The government is endorsing the reforms in a bid to reduce country’s lending levels, which sharply increased in the wake of global financial crisis.

Currently, French budget deficit stands at 7 percent of GDP, which is far beyond the prescribed 3 percent as per European Union norms. However, it is much lower compared to its EU members – U.K., Greece, Ireland, Portugal and Spain.

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Posted in Returning To School Tags: AHN, budget deficit, Costs, country, France, french senate, global financial crisis, Greece, House, Ireland, Paris, Pension, pension costs, Portugal, Raises, reform, Retirement, retirement age, Spain, state pension, U.K., union, upper house

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