Sunday, October 31, 2010
Raised Retirement Age in France
The French Parliament just passed a bill that will raise the retirement age in France from 60 to 62 for some retirement benefits and full benefits from 65 to 67. France has a very young population at the current time and only one in five men aged 60 to 64 are employed in France. This is very low in comparison to other countries such as the United States and Japan. Even Italy which has a similar mentality to France about minimizing work so that people can live have 30 % of men working aged 60 to 64. This bill was passed because of the increased amount of debt that European countries have accumulated. Social Security increases the debt because people are receiving money without working. As France's population ages and more people fall into the 60 to 64 age range, the government worries that Social Security will become too expensive.
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2 comments:
I think this a great idea for France to do. To retire at age 60 is very young. Like the article says, it will start hurting there social security fund. Even though this will make people un-happy, it should be done. A majority of there population is young anyways. Most of them will not be affected for years to come.
I think a lot of the outrage coming from France about the retirement age has a lot more to do with freedoms and rights than with the age itself. I think people are getting so upset because they are being told that there is a change in the legal age to retire and that essentially they have to work for two more years. Effectively, however, many people work beyond the legal age to retire (is it's 60 or 62) and some even stop working before.
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