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France’s National Assembly on Wednesday voted to suspend a contentious pension reform law until after the 2027 presidential election.
Wednesday’s vote, included as part of the vote on the amendment to France’s 2026 social security budget, passed by a margin of 255 to 146 with 104 abstentions. The push to suspend the pension reform law, which began last month, drew support from an unusual coalition including Socialist and Green lawmakers, as well as Marine Le Pen’s National Rally party.
Labor Minister Jean-Pierre Farandou has argued that the suspension will cost approximately €300 million in 2026 and €1.9 billion in 2027, raising concerns about France’s compliance with European Union fiscal rules. France’s public deficit reached 5.8% of GDP in 2024, nearly double the EU’s 3% limit under the Stability and Growth Pact. The European Commission has called for compensatory fiscal measures, while ratings agencies like Moody’s, S&P Global, and Fitch have issued warnings.
The 2023 pension reform law raised the minimum retirement age from 62 to 64. The original reform became law after President Emmanuel Macron invoked Article 49.3 of the French Constitution, a controversial provision that allows the government to bypass parliamentary approval. This sparked protests and legal challenges, though France’s Constitutional Council ultimately upheld the law’s validity in April 2023.
Wednesday’s vote represents a significant legislative reversal of one of President Macron’s signature economic policies. The suspension effectively freezes the French retirement age at its current level of 62 years and nine months, allowing workers approaching retirement age to exit the workforce earlier than the 2023 law would have permitted.
This comes amidst continued global tension surrounding pension reform. In September, East Timor rescinded legislation which had granted former members of parliament lifetime pensions, following several days of student‑led demonstrations in its capital city. In March, Argentina saw protests advocating for greater access to pensions, medical care, and other social safety nets.
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Wednesday’s vote, included as part of the vote on the amendment to France’s 2026 social security budget, passed by a margin of 255 to 146 with 104 abstentions. The push to suspend the pension reform law, which began last month, drew support from an unusual coalition including Socialist and Green lawmakers, as well as Marine Le Pen’s National Rally party.
Labor Minister Jean-Pierre Farandou has argued that the suspension will cost approximately €300 million in 2026 and €1.9 billion in 2027, raising concerns about France’s compliance with European Union fiscal rules. France’s public deficit reached 5.8% of GDP in 2024, nearly double the EU’s 3% limit under the Stability and Growth Pact. The European Commission has called for compensatory fiscal measures, while ratings agencies like Moody’s, S&P Global, and Fitch have issued warnings.
The 2023 pension reform law raised the minimum retirement age from 62 to 64. The original reform became law after President Emmanuel Macron invoked Article 49.3 of the French Constitution, a controversial provision that allows the government to bypass parliamentary approval. This sparked protests and legal challenges, though France’s Constitutional Council ultimately upheld the law’s validity in April 2023.
Wednesday’s vote represents a significant legislative reversal of one of President Macron’s signature economic policies. The suspension effectively freezes the French retirement age at its current level of 62 years and nine months, allowing workers approaching retirement age to exit the workforce earlier than the 2023 law would have permitted.
This comes amidst continued global tension surrounding pension reform. In September, East Timor rescinded legislation which had granted former members of parliament lifetime pensions, following several days of student‑led demonstrations in its capital city. In March, Argentina saw protests advocating for greater access to pensions, medical care, and other social safety nets.
The post France votes to suspend pension reform law appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.