State pension news: France announces shock increase to pension age and BRITAIN could be next
The UK is already set to increase its state pension age within the next 20 years
France has announced their intention to increase the country’s pension age by two years by 2030.
The new rules will require citizens to reach the age of 64 in order for them to qualify for a pension.
Emmanuel Macron has consistently pushed for the age to be lifted, only pausing briefly during the Covid pandemic in order to prioritise the Government’s resources.
He argues that extending the retirement age by two years will significantly increase tax revenue for the country and raise the Treasury tens of billions of pounds as the population continues to grow.
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Macron said it was a necessary measure in order to keep up with the country’s expanding population.
He used his New Year address to the country to stress the importance in raising the age, saying the country must work for longer to “strengthen the pensions system, which if we do nothing will be threatened since we will rely on debt to finance it”.
The announcement was met threats of strikes and protests from the French public.
The pension age was raised from 60 to 62 in 2010.
With one of the lowest retirement ages in the world, France also spends more than most countries on pensions at nearly 14 per cent of economic output, according to the Organisation for Economic Cooperation and Development.
Prime Minister Elisabeth Borne said: "I'm well aware that changing our pension system raises questions and fears among the French.
"We offer today a project to balance our pension system, a project that is fair,"
It comes as the UK Government looks set to release its report into the state pension within months.
The UK state pension age currently 66 but in the next 20 years will be raised to 68.
But minister have discusses the possibility of fast tracking the plans to happen within the next ten years.
Speaking to The Telegraph, pension specialist Alistair McQueen said: “Both France and the UK face similar problems. They must consider the fiscal, economic and political significance of increasing their state pension ages.
“In the UK, politicians have historically avoided the debate. But given the increasing life expectancy, the trajectory of the state pension age is only going up.
“Increasing the state pension age is a lever that policymakers can pull to encourage a longer working life, and hopefully drive economic growth and productivity.”
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