French president Francois Hollande cuts retirement age

Telegraph - France's new socialist government cut the country’s retirement age in the face of the eurozone’s deepening crisis, citing “social justice” to explain a move that goes against austerity efforts across the region. Workers who entered employment aged 18 will be able to retire at 60 rather than 62, under the decree agreed at a cabinet meeting on Wednesday. The decision follows pre-election promises from the new president Francois Hollande to reverse the rise in the retirement age introduced by his predecessor Nicolas Sarkozy in 2010. “We committed to put this measure in place quickly for social justice for those who started working early,” said Social Affairs Minister Marisol Touraine. The reforms will cost the state billions of euros a year but can be afforded through higher worker and employer contributions, according to the government. Read full story here: News New Mexico

French president Francois Hollande cuts retirement age