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Pension plans carry high risks for France’s Macron

Thursday, December 12, 2019

Subject

Pension reform in France.

Significance

President Emmanuel Macron’s pension reform plans are designed to combat budget deficits and create more flexibility for people changing jobs. Concerns that future retirees will have reduced pension rights have resulted in strikes and protests throughout France. However, the government remains committed to implementing the reforms.

Impacts

  • Spending priorities such as the military and police may suffer if the government is forced to make expensive concessions on pensions.
  • Additional private pension schemes could become more popular as households seek to bolster their retirement security.
  • Budget overruns resulting from the failure to implement reforms would risk compromising euro-area fiscal rules.
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