Pension reform: "We need to resolve this short-term funding problem"

LE FIGARO. - What do you take from thirty years of pension reform?

Didier BLANCHET. - In the early 1990s, there was an awareness. With the aging of the population and the coming arrival of baby boomers in retirement, France was going towards a doubling to 2040 of the number of retirees. While at the same time, the active population would remain stable. Without reform, this demographic imbalance would have led to a doubling of retirement spending in proportion to national wealth, by around 11 to 20 points. It seemed unattainable. The reforms of recent decades have succeeded in keeping the share of retirement spending at 14% of national wealth. To do this, the retirement age has been raised to around 64 years. The rest of the adjustment stems from a drop in the relative standard of living of retirees, via the indexing of the system of calculation and annual revaluation of pensions on prices, and no longer on wages.

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