Breaking News
Investing Pro 0
Free Webinar - Master Forex Trading Today! Don't Miss Out | Tuesday, June 6, 2023 | 01:00PM EDT Enroll Now

Factbox-Later retirement, income guarantees: What's in France's pension reform?

Published Jan 30, 2023 08:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO-Police officers clash with protesters as they demonstrate against the French government's pension reform plan in Paris, France, January 19, 2023. Adrien AdcaZz via REUTERS.
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

PARIS (Reuters) - President Emmanuel Macron's plan to reform France's costly pension system, including raising the retirement age, has infuriated trade unions who are calling for a second day of nationwide strikes on Tuesday.

The unions' protest movement is a test of Macron's ability to push through change in his second term.


* Retirement age pushed back by two years to 64. The change will be gradual, increased by three months per year from September, until 2030.

* From 2027, workers will have to make social security contributions over 43 years rather than 42 years in order to draw a full pension. The additional year was already foreseen in a 2014 reform but Macron is accelerating the pace of transition.

* Guaranteed minimum pension income of not less than 85% of the net minimum wage, or roughly 1,200 euros per month at current levels, for new retirees. After year one of retirement, the pensions of those receiving a minimum income will be indexed to inflation. The government expects to recalibrate upwards the incomes of those already receiving the lowest pensions.

* Public workers in jobs deemed physically or mentally arduous will maintain the right to early retirement, though their retirement age will be increased by the same number of years as the wider labour force.

Police officers, sewer cleaners, prison guards and air traffic controllers are among those currently able to retire at 52.

* The end to a grouping of a dozen so-called 'special regimes' with different retirement ages and benefits that currently cover, among others, rail workers, electricity and gas workers and central bank staff.

This change will only apply to new entrants to the labour market. Existing workers in these sectors keep hold of their perks.

However, the 'special regimes' covering seafarers and Paris Opera (NASDAQ:OPRA) House performers survive.

* A 'Seniors Index' modelled on France's gender equality index and which would measure the progress made by companies vis-a-vis the training and recruitment of seniors.


* Boost the employment rate among 60-64 year-olds. In France, the employment rate in this age category is just 33% compared with 61% in Germany and 69% in Sweden.

* The pensions of the poorest 30% will increase by 2.5%-5%, according to the government.

* Gross savings of 17.7 billion euros per year by 2030.

* Balanced pension budget by 2030. Existing forecasts without any reform show a pension budget deficit of 13.5 billion euros in 2030.

Factbox-Later retirement, income guarantees: What's in France's pension reform?

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email