France’s Constitutional Council has given the green light to the government’s proposal to raise the state pension age from 62 to 64, in a bid to save the country’s pension system from collapse. The decision, which rejected opposition calls for a referendum, is expected to be phased in from 2025 and will affect those born after 1960. The reform has been met with protests and strikes in the past, and its approval is likely to remain a controversial issue. Keep up to date with this breaking news and its impact on France’s pension system. Watch our video for more details!…(read more)

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France recently approved a pension reform that raises the retirement age to 64 for those born after 1965. This move is part of President Emmanuel Macron’s effort to balance the country’s budget and secure its pension system.

The pension reform was a contentious issue in France, with protests and strikes breaking out across the country over the past year. However, the government insisted that the reform was necessary to ensure the pension system’s long-term viability and to address the country’s budget deficit.

Under the new system, workers will need to work longer before they can qualify for a full pension. While the retirement age is now officially 64, workers can still retire at age 62, but they will receive a lower pension. As an alternative, workers can also continue to work past the age of 64 and receive a higher pension.

The government hopes that this change will encourage workers to stay in the workforce longer, which will help to strengthen the pension system and reduce the budget deficit. Additionally, the government plans to phase out some of the more generous pension schemes in order to reduce costs.

While the pension reform has been met with resistance and protests, some experts argue that it is necessary to ensure the sustainability of the system. France’s pension system is currently one of the most generous in Europe, with many workers able to retire at a relatively young age and still receive a comfortable pension. However, this system is also one of the most expensive, and there are concerns that it is not financially sustainable in the long term.

Overall, the pension reform in France is a significant step toward addressing the country’s budget deficit and ensuring the long-term viability of its pension system. While it is likely to continue to face opposition, it is clear that the government is committed to making tough choices in order to secure the country’s economic future.