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Articulate_Ape
10-12-2010, 10:02 PM
Sarkozy stands firm as pension protests escalate

By John Lichfield in Paris

Wednesday, 13 October 2010

President Nicolas Sarkozy could face the greatest challenge of his presidency in the next few days as a month-old protest against pension reform swells towards outright confrontation.

More than 3 million demonstrators one in 20 of all French people marched yesterday against the President's plans to raise the standard retirement age from 60 to 62.


More... (http://www.independent.co.uk/news/world/europe/sarkozy-stands-firm-as-pension-protests-escalate-2105000.html)

62?

Rockntractor
10-12-2010, 10:09 PM
Too much socialism too long, this is what happens when you run out of other peoples money.
http://i686.photobucket.com/albums/vv230/upyourstruly/pig2.jpg

Gingersnap
10-13-2010, 10:45 AM
More... (http://www.independent.co.uk/news/world/europe/sarkozy-stands-firm-as-pension-protests-escalate-2105000.html)

62?

When they set it up the life expectancy for men was probably 68 or so. France has a really complicated pension scheme. Nobody just gets the State minimum; they also pay into complementary pension schemes and some pay into private schemes as well.

As far as I can tell, they are protesting changes to the early retirement rules. In France, people must retire at 65 but they can keep working between 60 and 65. Most just don't. Their problem is that they have a pay-as-you-go system. Since few older workers work and youth unemployment is very high, they have a dwindling base of paying workers. They could up the contributions to offset this but France already has a very high taxation rate and people hate that idea. Or they could encourage people to stay in the job market longer but a lot of people view early retirement as a right.