Macron pressing for pension reform

Emmanuel Macron plans to overhaul France’s costly pensions system by raising the retirement age, but faces strong opposition


PENSION SPENDING (% of GDP)
Canada	4.8%
UK 	5.6%
U.S. 	7.1%
Japan 	9.4%
Germany 10.2%
France 	13.6%
Italy	15.6%

Draft law expected to require citizens to work 2-3 years past current retirement age of 62 to qualify for full pension
 
 
AVERAGE EFFECTIVE LABOUR MARKET EXIT AGE (2020) Men Women
Japan	68.2 66.7
U.S. 	64.9 64.7
Canada	63.9 62.6
UK 	63.7 63.2
Germany 63.1 63.2
Italy 	62.3 61.3
France	60.4 60.9

60 61 62 63 64 65 66 67 68
 
France has one of lowest retirement ages in industrialised world but spends more on pensions than most other countries, at nearly 14% of economic output
 

Sources: Organization for Economic Cooperation and Development, Bloomberg 
Picture: Getty Images
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