French to Work for Longer Under Macron’s Plan for Pension Reform

France has launched a long-awaited and highly contentious overhaul of its pension system, setting up another battle between labour unions and President Emmanuel Macron, who is trying to push ahead with his reform agenda following months of anti-government protests, the Financial Times reported. The universal system promised by Mr Macron during his 2017 presidential campaign and outlined on Thursday looks to replace 42 schemes while pushing the French to work longer before retirement. A full pension would only be available from the age of 64, two years later than now, while differences between private and public systems would be ironed out. If approved, the changes would take effect in 2025. The government is aiming for a “financially balanced system by 2025, to restore confidence to the French in its sustainability and ensure a sufficient level of retirement for future generations”, said Edouard Philippe, prime minister. Read more