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France to speed up pension reform, says report

Latest update : 2011-11-06

France is set to raise its legal minimum retirement age to 62 one or two years ahead of schedule in a bid to reduce the country’s spiralling deficit, according to a report from French economics newspaper Les Echos.

REUTERS - France will accelerate its move to a higher retirement age as part of a package of budget savings to be announced on Monday, Les Echos newspaper reported.

The transition to France’s higher retirement age of 62 will now occur in either 2016 or 2017, instead of 2018, reported the paper on its website on Sunday.

Pushing back France’s retirement age to 62 from 60 was a key victory for the centre-right government of President Nicolas Sarkozy last year.

On Monday, the government is set to announce an additional 6 to 8 billion euros in cost savings as part of an effort to cut the country’s deficit to 4.5 percent of GDP next year.

 

Date created : 2011-11-06

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