The French Parliament gave its final approval to the pension reform plan on Wednesday, October 27th. The bill is expected to become law mid-November after French President Nicolas Sarkozy signs it.
The main points of the pension bill are the following:
• The legal retirement age, i.e. the age at which it is possible to retire will be increased from 60 to 62.
• The full-rate pension age, i.e. the age at which a person is entitled to receive a full pension will also gradually increase from 65 to 67 by 2023.
• Provided they have contributed for 41 years, those who began working before the age of 17 will not be affected by the increase in the legal retirement age. They will still be able to retire at 60.
• For the first time in Europe, the pension reform recognizes the long-term tolls of the strenuous labor. In practical terms, those who have had physically grueling jobs can retire at 60.
• For senior citizens, the pension reform makes provision for the creation of a system to offer recruitment assistance to job seekers over the age of 55.
Click here to get more details on the pension reform.