WEB DESK
The French government has announced that it would increase the retirement age from 62 to 64 by 2030. French Prime Minister Elisabeth Borne announced the decision at a press conference in Paris yesterday and defended the reform as a way to fiscally balance the country’s pension system.
The French government has argued that people live longer than they used to, meaning citizens will need to work longer in order to keep the pension financially afloat. It’s also said that its retirement rules are much more generous than most comparable developed economies with aging populations.
Ms. Borne said, the full French pension age will be raised by three months every year, beginning in 2023. The pension reform aims to deliver on an electoral promise made by French President Emmanuel Macron in 2017.
He abandoned an earlier attempt to reform the pension system in 2020, as the government was overwhelmed by the COVID-19 pandemic at the time. The reform will have to be approved by the French parliament.