With France in the midst of a budget crisis, French PM Sebastien Lecornu has suspended the country's 2023 pension reform in a bid to keep his government in power. To finance this move, he is advocating for even more cost-cutting measures.

Paris

French Prime Minister Sébastien Lecornu has proposed suspending the 2023 pension reform until after the next presidential election, ensuring no increase in the retirement age before 2028. This decision follows threats from the Socialist Party to bring down the government and has gained support from prominent figures, including Nobel laureate Philippe Aguillon.

The suspension, which is expected to benefit 3.5 million people, will cost the French pension system an estimated 400 million euros in 2026 and 1.8 billion euros in 2027. Lawmakers are now tasked with finding cost-saving measures to offset these expenses, with proposals including the removal of inflation indexation for pensions and reductions in income tax breaks for some pensioners.

French PM asks MPs find measures to fund pension reform suspension

In a race to garner support to pass next year's budget in time, French Prime Minister Sébastien Lecornu has made a major concession. That is why I proposed to Parliament this fall that we suspend the 2023 pensions reform until the presidential election. There will be no increase in the retirement age between now and January 2028. Lecornu made this move for political survival. After the Socialist Party threatened to bring down his government if he didn't suspend the reform. Even Nobel Economics Prize winner Philippe Aguillon was in favour of putting a pause on French President Emmanuel Macron's landmark policy. I proposed that we agree to stop the clock on pensions until 2027. That's to say, we stay at 62 years and 9 months and we stop there until 2027. A new government can pass a new law. I think that's a proposal that the socialists can't refuse. With the immediate threat of a vote of no confidence sidestepped, markets responded favourably. Following the Prime Minister's announcement, the cost of borrowing in France reached its lowest rate since early September. But the new government still has its greatest financial challenge ahead of it. The cost of the suspension for our pension system is 400 million euros in 2026 and 1.8 billion euros in 2027. This suspension will ultimately benefit 3.5 million French people. It will therefore have to be offset financially, including through cost-saving measures. What these measures will look like will depend on debates in French Parliament. Lawmakers have until December 31st to agree on a new budget. Meanwhile, those receiving pensions will be asked to contribute towards filling the budget shortfall. Under the draft bill put forward by Le Cognu, pensions will no longer be pegged to inflation and some pensioners will see reductions in income tax breaks.

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