France's Pension Predicament: Last-Ditch Negotiations
French unions and employers are set to hold last-ditch talks on pension reform, although uncertainty looms as some key players, including Medef, may not participate. The talks, led by Prime Minister Francois Bayrou, aim to address financial sustainability concerns while managing opposition to raising the retirement age.
French unions and employers are gearing up for crucial negotiations aimed at reassessing the contentious 2023 pension reform. These talks arrive on the backdrop of a national debate and just a week before the scheduled meeting on June 23.
Prime Minister Francois Bayrou, seeking to garner Socialist support amidst looming no-confidence votes, had earlier proposed reopening discussions on pension reforms. However, a consensus remains elusive as months of dialogues ended without resolution. Medef, representing employers, indicates a possible withdrawal from the talks.
The 2023 reform, which incrementally raises the retirement age, faces opposition from unions and public skepticism. With projected deficits threatening the system, Bayrou emphasizes the need for solutions that ensure economic stability by the end of the decade, amidst one of the world's highest pension spending ratios.
(With inputs from agencies.)
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