Despite months of protests, French pension reform measures look like they’re going to stick. The bill, approved yesterday in parliament, will raise the retirement age from 60 to 62 and postpone full benefits to 67.
And you know it’s all over because President Sarkozy gave a conciliatory victory speech today. Suddenly Americans might start feeling jealous.
Translated from Le Monde:
“In this affair there is only one victor, our social security. It is the French, after this law is passed, who will know that their retirements are financed, that integrity will not be an empty word, that retirees can count on their pensions.”
“All those who retire in the coming years will know that the French system of social security, based on the integrity between generations, works. That is all. For the rest, the concerns, often legitimate, have been expressed. I have heard them, I have reflected and I will take initiatives in time to respond.”
France’s pension crisis is (was?) pretty much equivalent to America’s. Both retirement systems were graded “C” by the Mercer Global Pension Index.
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