Wednesday, June 16, 2010

France will raise retirement age to 62

France's retirement age will be raised from 60 to 62 over the next eight years as part of sweeping pension reforms, the government has announced.  French labour minister Eric Woerth told reporters that working longer was "inevitable", and necessary to balance the public finances. The move is designed to reduce France's pension costs and bring public borrowing down.  The move is likely to be met with stiff resistance from labour unions, however.  Demonstrations against raising the retirement age were seen even before the measure was formally announced, with more strikes and protests expected in the coming months.  But Mr Woerth said it was time for France to follow the lead of other European countries in addressing it deficit.  "All our European partners have done this by working longer. We cannot avoid joining this movement," he said.

Source and more:  BBC

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