Financial news

France senate approves contentious pension reform bill raising retirement age – JURIST

The French Senate Saturday voted in favour of President Emmanuel Macron’s pension reform. The reform bill, which will raise the legal age of retirement to 64, was passed by the French Parliament’s upper house with 195 votes for the reform and 112 against. Prime Minister Élisabeth Borne announced, “After a hundred hours of debate, the Senate adopted the text of the pension reform. A decisive step to bring about a reform that will ensure the future of our pensions.”The bill is set to be “adopted in the coming days.” The announcement comes as the country faces the seventh consecutive day of nationwide protests, which saw 368,000 people attend various demonstrations across France in opposition to the reforms. During the demonstrations, many employees, young people and retirees went on strike.Macron’s reforms will raise the minimum pension age in France from 62 to 64, and will require employees to have worked for 43 years to benefit from a full pension by 2030.An opinion poll from Elabe found that 67 percent of French people are opposed to the pension reform, with 64 percent supporting mobilisation against the proposed law. Despite a high disapproval rate, of those surveyed, 64 percent believe that the pension reforms will be approved and applied.The joint committee is expected to review the bill on Wednesday, the same day the Confederation of Labor has announced as the next set of strikes and demonstrations.