France. Macron’s pensions shake-up to take effect in 2025
A promised pensions overhaul by French President Emmanuel Macron will be introduced in 2025, but workers will retain benefits already accrued under the existing system, said the man liaising between government and unions over the reform.
A trade union leader and business lobby group representative said they understood it would take 40 years for the new system to be fully phased in.
The government wants to align the retirement systems in the public and private sectors as well as the variety of different pension set-ups for different professions.
The new single system would use points so that each euro paid in would give the same retirement benefits no matter what sector pensioners worked in.
Currently, retirement benefits are based on a worker’s salary during the last six months before retirement in the public sector and the average during the last 25 years in the private sector.
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