The China Mail - Macron's reputation on the line with pension reform push

USD -
AED 3.672497
AFN 64.99979
ALL 80.742224
AMD 360.119907
ANG 1.789785
AOA 918.000449
ARS 1547.512201
AUD 1.427114
AWG 1.8
AZN 1.695151
BAM 1.737338
BBD 2.013458
BDT 124.459802
BGN 1.747831
BHD 0.37735
BIF 3010
BMD 1
BND 1.277909
BOB 12.120755
BRL 5.460101
BSD 0.999711
BTN 94.558763
BWP 13.724402
BYN 2.982914
BYR 19600
BZD 2.010562
CAD 1.39706
CDF 2315.000267
CHF 0.816503
CLF 0.02453
CLP 965.430226
CNY 6.67355
CNH 6.67376
COP 3229.36
CRC 454.091218
CUC 1
CUP 23.992112
CVE 98.896657
CZK 21.61525
DJF 177.720122
DKK 6.65239
DOP 60.604398
DZD 135.956026
EGP 54.717302
ERN 15
ETB 164.071845
EUR 0.88999
FJD 2.244198
FKP 0.745268
GBP 0.741965
GEL 2.600226
GGP 0.745268
GHS 11.631305
GIP 0.745268
GMD 74.000096
GNF 8855.000058
GTQ 7.639521
GYD 209.448686
HKD 7.84505
HNL 26.868429
HRK 6.76901
HTG 130.971046
HUF 322.693501
IDR 18110.4
ILS 3.153899
IMP 0.745268
INR 94.51575
IQD 1515.529716
IRR 1883408.502243
ISK 121.579569
JEP 0.745268
JMD 158.455068
JOD 0.709015
JPY 158.401996
KES 129.920112
KGS 87.450166
KHR 4064.827605
KMF 440.999835
KPW 899.999961
KRW 1341.484997
KWD 0.310805
KYD 0.833041
KZT 451.807175
LAK 22506.673299
LBP 89519.744527
LKR 332.641939
LRD 169.939285
LSL 16.455617
LTL 2.952739
LVL 0.60489
LYD 6.409977
MAD 9.765444
MDL 17.929301
MGA 4515.192027
MKD 54.78946
MMK 2099.52083
MNT 3598.087189
MOP 8.077598
MRU 40.663904
MUR 47.090014
MVR 15.455015
MWK 1733.399066
MXN 18.60899
MYR 4.071298
MZN 63.910474
NAD 16.455325
NGN 1346.42026
NIO 36.784529
NOK 9.29659
NPR 151.29402
NZD 1.778304
OMR 0.384501
PAB 0.999773
PEN 3.450426
PGK 4.485918
PHP 63.345497
PKR 276.534117
PLN 3.904405
PYG 6061.763543
QAR 3.644609
RON 4.754098
RSD 104.67979
RUB 81.801499
RWF 1471.012787
SAR 3.756339
SBD 8.051718
SCR 13.701544
SDG 601.500853
SEK 9.731575
SGD 1.27865
SHP 0.745545
SLE 22.909978
SLL 20969.504398
SOS 571.349894
SRD 37.563974
STD 20697.981008
STN 21.763752
SVC 8.747096
SYP 13001.999685
SZL 16.44674
THB 33.593497
TJS 9.221818
TMT 3.51
TND 2.979449
TOP 2.40776
TRY 50.043203
TTD 6.776725
TWD 32.836099
TZS 2649.998018
UAH 45.52523
UGX 4104.021853
UYU 40.19489
UZS 11886.139647
VES 890.0366
VND 25704.5
VUV 119.472328
WST 2.779309
XAF 583.794901
XAG 0.019139
XAU 0.000246069955
XCD 2.70255
XCG 1.801579
XDR 0.707052
XOF 583.794901
XPF 105.938734
YER 236.175008
ZAR 16.39546
ZMK 9001.202271
ZMW 20.274394
ZWL 321.999592
SSP 5745.96484
MXV 2.094656
  • RYCEF

    0.4000

    19.71

    +2.03%

  • CMSC

    0.0000

    20.4

    0%

  • BTI

    0.4200

    56.05

    +0.75%

  • BP

    0.2800

    44.43

    +0.63%

  • RBGPF

    1.6000

    67

    +2.39%

  • RIO

    -0.1500

    94.41

    -0.16%

  • AZN

    -0.4300

    166.15

    -0.26%

  • GSK

    0.4600

    49.7

    +0.93%

  • BCE

    -0.4100

    20.56

    -1.99%

  • NGG

    -0.2500

    75.24

    -0.33%

  • VOD

    -0.0400

    16.58

    -0.24%

  • RELX

    -0.4500

    33.07

    -1.36%

  • BCC

    -0.5500

    76.59

    -0.72%

  • CMSD

    -0.0300

    20.27

    -0.15%

  • JRI

    -0.2500

    10.77

    -2.32%

Macron's reputation on the line with pension reform push
Macron's reputation on the line with pension reform push / Photo: © AFP

Macron's reputation on the line with pension reform push

The French government is set to announce its proposals for overhauling the pension system on Tuesday, in a potentially explosive reform fraught with danger for President Emmanuel Macron.

Text size:

With his oft-repeated belief that the French "need to work more", Macron has doggedly insisted since his rise to power in 2017 that the pension system must be streamlined.

But having called off his first attempt in 2020 in the face of protests and the Covid-19 pandemic, the 45-year-old centrist put the issue at the heart of his successful campaign for a second term in April last year.

As well as simplifying the system and removing privileges enjoyed by workers in some sectors of the economy, the reform will aim to raise the retirement age from its current level of 62 -- most likely to 64.

"On the whole, the idea of the reform is not supported by the public, even though some can understand that if we live for longer then we might need to work for longer," Bruno Cautres, a political expert at Sciences Po university in Paris, told AFP.

All of France's trade unions and most of the country's opposition political parties are preparing for battle, seeing the struggle as a way of protecting the country's social system and undermining Macron's position.

The former investment banker lost his parliamentary majority in legislative elections in June in a major setback.

He has made pension reform one of the main planks of his plans for domestic reform during his second term.

"If Emmanuel Macron wants to make it the mother of reforms... for us it will be the mother of battles," warned the head of the hard-left FO union, Frederic Souillot, over the weekend.

Street protests and strikes appear inevitable, with Macron's last attempt resulting in the longest public transport stoppage in Paris in three decades.

- Yellow Vests II? -

Of greater concern to the government is the risk of spontaneous protests of the sort seen in 2018 when people wearing fluorescent yellow safety jackets began blocking roads, sparking what became known as the "Yellow Vest" revolt.

The often violent display of defiance struck fear into the heart of government, leading Macron to promise a gentler, less authoritarian style of governing.

"I don't see another 'Yellow Vest' crisis happening," Cautres told AFP, even though he said the national mood was one of "pessimism, fatalism and anger" and a sense that "we're permanently in crisis."

Some in government are banking on the country acquiescing to a change that is widely disliked but viewed as inevitable, particularly given that most of France's neighbours have hiked the retirement age to 65 or beyond.

"There's a form of fatalism," an aide to Macron told AFP recently on condition of anonymity. "We're going to go through with it and people know it."

The government has also watered down some of its proposals, with the retirement age likely to be 64 instead of the 65 proposed by Macron.

There will also be a proposed rise in the minimum pension to 1,200 euros ($1,280) a month and greater provision for people who have not worked continuously, such as parents who took career breaks to care for children.

- 'President of the rich' -

Critics see the changes as retrograde and unnecessary, even though official forecasts show the system in deep deficit in the coming decades because of the gradually ageing population.

"In 2023, will Emmanuel Macron be out of step with the era and shine as the president of the rich?" leftwing French economist and author Thomas Piketty asked in Le Monde newspaper on Sunday.

He said the reform might save the state up to 20 billion euros a year, but "the problem is that these 20 billion will weigh down entirely on the poorest" by extending their working lives.

As well as contending with strikes and protests, Macron's government will also need to cut a path through the stormy parliament where the ruling party and its allies are in a minority.

Support for the legislation from the rightwing Republicans party is expected to be necessary.

Without it, Prime Minister Elisabeth Borne would have to use a constitutional power known as article 49.3 which enables her to ram through legislation without a vote.

But such a move would almost certainly lead to a confidence vote, which, if all the opposition parties united, could bring down the government.

Borne will unveil the outlines of the proposed law at 5:30 pm (1630 GMT) and will speak on French TV later in the evening.

burs-adp-are/tgb/yad

A.Zhang--ThChM