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FIAP > Press Releases > France’s lower house squeezes through pension reform

France’s lower house squeezes through pension reform

15 October, 2013

Source: www.finanzas.com

The French National Assembly approved, on October 15, 2013, the bill of the new pension reform, which aims to increase the minimum contribution period. The bill will be reviewed in the Senate at the end of October. The text was approved on first reading by 270 votes in favor and 249 against.
The project was supported by the majority of the Socialists and rejected by conservatives and centrists, since it does not extend the minimum retirement age to 65.

Environmentalists in the coalition of the government abstained of the initiative as it will not change the minimum retirement age of 62 years, but gradually will increase the contribution years to 43, compared to the current 41.5 years, according to the line drawn last June by the President of France , the Socialist François Hollande.

The reform also takes into account the hardness of some jobs to lighten their years of contribution, and will be counted as worked labour time the past training in a company.

With this bill, the Government seeks to correct from 2020 and until 2040 the overall system deficit, currently estimated at 7,600 million euros.

According to the Organisation for Economic Co-operation and Development (OECD), the French retire on average after 58.7 years for men and 59.5 years for women, below from the 63.5 and 62.3 years respectively to those retiring workers from other countries of that organization.

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