Macron scraps pro­posal to raise re­tire­ment age


With tens of thou­sands of anti-govern­ment demon­stra­tors once again cours­ing through the streets of Paris and other cities and clouds of tear gas and smashed store win­dows punc­tu­at­ing the ur­ban land­scape, the French govern­ment made a ma­jor con­ces­sion on Satur­day to unions protest­ing its pen­sion re­form plan.

Laborstart re­ported that the govern­ment agreed to scrap, for now at least, a pro­posal to raise the full-benefits re­tire­ment age from 62 to 64. Un­like in the United States, the French govern­ment plays a huge role in the re­tire­ment plans of in­di­vid­u­als in France, both as a source of funds and as overseer and guar­an­tor of the pen­sion sys­tem.

The raised age had in­fu­ri­ated mod­er­ate unions that the govern­ment of Pres­i­dent Em­manuel Macron badly needs on its side.

Macron has in­sisted the French need to work longer to strengthen a gen­er­ous re­tire­ment sys­tem that is one of the world’s most gen­er­ous but may be head­ing to­ward a $19bn deficit.

on Satur­day, with a crip­pling trans­port strike al­ready in its sixth week, Macron’s govern­ment backed down, an­nounc­ing that it would “with­draw” the new age limit, and put off de­ci­sions on fi­nanc­ing the sys­tem un­til it gets a re­port on the money prob­lem “be­tween now and the end of April.”

but the govern­ment did not en­tirely rule out the idea of rein­tro­duc­ing a new re­tire­ment age if fund­ing solutions to the pen­sions deficit are not reached.

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