The more the weeks have passed since the re-election of Emmanuel Macron, the darker the horizon, to the point of complicating the implementation of the pension reform that the Head of State has promised the French for his second five-year term.
And for good reason!
The pension system is in fact very sensitive to the vagaries of growth: any economic slowdown that leads to a fall in the wage bill results, mechanically and immediately, in a fall in contributions.
The 2008 crisis thus caused a loss of revenue of 9 billion euros between 2008 and 2014, according to the Pensions Orientation Council (COR).
Depending on the growth assumptions adopted - this is the complexity of the COR projections - the system thus finds itself in surplus or in deficit,
with the need to take additional corrective measures.
Growth at half mast widening the deficit can therefore a priori comfort Emmanuel Macron to act.
The President of the Republic holds there…
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