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The France pension reform is not simply about retiring at age 64: What you could have missed

Anger spread across France in response to the planned retirement age change and the advantages of quitting employment. But why is it causing such a stir? What we believe you need to know about it is mentioned below.

Currently, the retirement age in France is 62. You may know that with this reform, the retirement age will now be 64. You could be wondering why it appears to compare fairly with the nearby countries of Spain, Belgium, Germany, and Italy (all of which are 67).  Yet, in France, retiring at 64 doesn’t necessarily mean receiving a full pension. After the reform, persons will need to work for 43 years instead of 42 to guarantee a full state pension.

The OECD reports that the employment rate for people aged 55 to 64 in France is 56 percent, compared to 60.5% for all of Europe. The government has decided to develop a “senior index” to reduce unemployment among the oldest workers. In summary, it’s a method of pressuring businesses to disclose the number of workers over 55. Beginning in November, the government wants to make it mandatory for all businesses with over 1,000 employees to release this information. Sanctions would be charged for failure.

Also, a brand-new permanent contract known as “CDI seniors” is being considered. Few financial contributions to motivate employers to hire workers over 60 might be free from this contract.

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