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Pension reform

Published on : 21/04/2023 21 April Apr 04 2023
Newsletter / New legislation
Newsletter

The April 15th pension reform bill has been passed in a strained social context. After being reviewed by the French Constitutional Council, it was published in the Official Journal on the 16th of April. Decrees are expected in order for several measures to come into effect.
 
  • The main measures introduced are as follows:  
- Increase in retirement age and the contribution period: retirement age will be gradually raised as of September 1st, 2023, depending on the year of birth, to reach 64 in 2030. The contribution period required to obtain the full rate pension will be gradually increased to 172 quarters, i.e. 43 years of contributions. The "full rate" age, which is of 67, at which the benefit of a full rate pension becomes automatic will remain the same. Despite the increase of legal retirement age, disabled individuals as well as those deemed medically unfit to work can still retire at the age of 62 with a full rate pension. 

- The phased retirement regime has been amended in order to make it more accessible; 

- Early retirement in case of long careers: the system has been amended;

- Compensation for occupational health deterioration: the professional prevention account (“Compte professionnel de prevention”) and monitoring of employees exposed to risk factor schemes are amended; 

- The combination of employment and retirement shall create rights for any insured person benefiting from the full rate, provided a 6 month long waiting period is complied with where the individual resumes work with his or her last employer;  

- A new employer contribution at a rate of 30% applicable to individual mutually agreed termination indemnities and retirement at the employer’s initiative indemnities: this new contribution shall apply to compensation paid in the context of employment contract terminations that occur as of the 1st of September 2023;

- Revaluation of low pensions: the gross retirement pension for a full career of contributions paid on the basis of a minimum-wage (“SMIC”) salary shall be raised by decree to at least 85% of the net amount of the SMIC.
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