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Reuters (9 October 2024)

France's government has put the country's expensive pensions bill back on the agenda as it seeks to reduce a gaping budget hole. But this time, it wants pensioners to contribute to belt-tightening efforts themselves. It also wants lawmakers used to pandering to older voters to back it.

Economists and analysts say that if France really wants to tackle its bloated public spending, the baby-boom generation - those born between 1946 and 1964 - must take a hit to their pensions, which account for more than a quarter of annual French government spending.

The government of Prime Minister Michel Barnier, who is desperately looking for savings to include in the 2025 budget, proposed postponing an increase in pensions to reflect inflation from January to mid 2025, saving 4 billion euros ($4.4 billion).

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