Why a pension reform remains essential

DECRYPTION – Pensions are the first item of public expenditure, reforming them is an economic and social necessity.

Inspired by left-wing economists and the CFDT, Emmanuel Macron had the ambition to carry out a systemic reform, modifying the system from top to bottom, even if it means disrupting all the references of the French. He now agrees, the shock was too brutal. If the Head of State has the lucidity to give up the Grand Soir, reforming pensions, on the other hand, remains more than ever a necessity, even an emergency. And this for four reasons.

With 327.9 billion euros in 2019, pensions are the first item of public expenditure. That is 13.5% of GDP, far ahead of its neighbors. However, after being put back on the ground thanks to the reform of 2010 led by Eric Woerth under the five-year term of Nicolas Sarkozy, who raised the legal retirement age from 60 to 62 years, the pension system is again in deficit since 2017.

Because the reform is not an adaptation once and for all, but a continuous process, which leads to adapting the system roughly every ten years to the conditions of the

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