Macron plows ahead with flagship pension reform

Bloomberg

French President Emmanuel Macron’s government formally presented its flagship pension reform at a cabinet meeting on Monday, paving the way for parliament to debate it as unions and opposition parties ready further strikes and protests against the plan.
The bill, which raises the minimum retirement age to 64 from 62 and aims to erase deficits in the system by 2030, will head to the National Assembly on Feb. 6. Ministers said it takes into account some objections following talks with labor representatives.
“The text we presented to cabinet today isn’t the text that was originally envisaged,” Civil Service Minister Stanislas Guerini told reporters. “It’s the fruit of work and consultation with the unions. We noted some disagreements, but we also integrated a certain number of significant measures, which were requested by the unions and which will enable us to improve our pension system.”
More than a million people took to the streets last Thursday to protest the reform, with another day of coordinated strikes and demonstrations slated for January 31. Macron has pledged to push through the legislation in the face of widespread opposition as he sees it as a vital part of his pro-business overhaul of the French economy.