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France to Raise Retirement Age

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The BBC reports that France will raise its retirement age from 60 to 62 in an attempt to deal with its growing budget deficit.  According to the BBC, "the country's annual pension deficit is expected to total 32bn euros (£26.7bn; $39.5bn) this year, and could rise to as much as 114bn euros by 2050 without reform."

The hike will bring the age closer to the retirement age in other European countries:

  • France - 60
  • UK - 65 for men, 60 for women
  • Germany - 65
  • Spain - 65, though retirement at 60 is also common
  • Netherlands - 65
  • Italy - 65 for men, 60 for women, though earlier retirement is common
  • Greece - 65 for men, 62 for women, though earlier retirement is common

Opposition from labor unions is expected.