The Pension Reform Law has been approved by the government through a procedure included in the Constitution (Article 49.3) that enabled its approval without having to go through parliament (published in the Official Gazette on April 15). The law will come into effect on September 1. The two main measures of the reform are:

• A gradual increase in the retirement age to 64 by 2030 (from the current 62). The retirement age will gradually increase by three months per year, until it affects those born in 1968, which will be the first generation to which the official retirement age of 64 will be applicable (1).
• The increase in the number of years of contribution required (from 42 at present to 43 by 2027), to be entitled to access a full pension (2).

The so-called Macron Law (named after its main promoter, Emmanuel Macron, president of the French Republic) introduces other measures, including:

• It maintains a compensation system designed for people with long careers: those who began to contribute four or five quarters before the age of 21 or more (its regulatory details are still pending).
• Measures to compensate for contribution gaps of mothers between 62 and 64 years of age. Among them, an additional contribution of 5% is incorporated.
• An old-age insurance will be created for people dedicated to the care of third parties.
• The inclusion of maternity benefits in the calculation of the 25 best years.
• The main special pension programs will gradually disappear, abolishing certain privileges enjoyed by, for example, certain workers in public companies, energy and transportation companies. These special regimes will:
• The Electricity and Gas industries regime. The retirement of workers between 55 and 57 years of age is currently allowed in the industry, in the case of active staff or staff in poor health. Retirement between 60 and 62 years of age is allowed for other workers in these industries.
• The RATP (Paris transport network) rolling personnel, which until now had the option of retiring after the age of 52. Employees in maintenance jobs could retire at 57. The rest of the RATP workers could retire at the age of 62.
• Employees of the Bank of France, who have an individually funded system, which allowed retirement between 60 and 62 years of age.
• Notarial employees, who can now retire between the ages of 60 and 62.

Source: www.jubilaciondefuturo.es

Date: 24.04.2023

Notes:

(1) The first affected workers will be those born after September 1, 1961, who, before the reform, would have been able to access their retirement on September 1, 2023. With the new law, these workers will not be able to retire until January 1, 2024, three months later than foreseen prior to the implementation of the reform.

(2) This required contribution period would be increased by an additional quarter per year.