French President Macron will restart the pension reform plan.

(AFP)

[Financial Channel/Comprehensive Report] In order to revive the country’s economy, French President Emmanuel Macron intends to restart the pension system reform plan that was put on hold due to the outbreak of Wuhan pneumonia (new coronavirus disease, COVID-19) in 2020, but It is likely that this will cause a rebound from the trade unions and lead to strikes.

"Reuters" reported that pension reform has always been a very sensitive issue in France. Being able to retire at the age of 62 and receive a full pension is one of the rights that the people of this country attach great importance to. However, according to data from the Organization for Economic Cooperation and Development (OECD) France, which has one of the lowest retirement ages in the industrialized world, also spends more on pensions than most, equivalent to nearly 14% of the country's economic output.

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In this regard, the French government intends to raise the retirement age from the current 62 years old to 64-65 years old, which means that workers will have to work for 2-3 more years if they want to retire in the future. The French government has made it harder to push the plan forward.

However, the report pointed out that in order to reduce the living burden of the people, the French government has spent tens of billions of euros to subsidize expensive electricity and natural gas prices, allowing France to maintain a lower price level compared with other EU countries. Weaken the real consumption power of the people.

The French government stated that in order to prevent the financial situation of the pension system from running into deficit in the next few years, it is necessary to carry out reforms, but polls show that the pension reform policy that the French government wants to promote is not popular. Reform, had to face the dilemma of labor rebound strike.

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