Paris, France

On Monday, the French government took a step ahead with the widely-debated pensions reform plan, which would increase the retirement age to 64, stating that the top priority must be balancing the system's books.

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After the legislation was tabled in the cabinet meeting, which was the last step before it goes for parliamentary debate, Labour Minister Olivier Dussopt said, “Going back on this point (of the age increase) would be giving up on getting the system back in balance.”

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The bill would gradually increase the age of retirement from 62 years to 64 years by 2030 and will also increase the minimum years of service people must give to become eligible for a full pension from 42 years to 43 years. 

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Dussopt stated that the government "disagrees with trade unions", who had led the massive protests and strikes on Thursday in which around 1.1 million people participated to raise their voices against pension reform.

The unions are now planning a fresh strike on January 31 as they have warned that they are ready to step up their actions if the government fails to relent.  

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The ministers claim that billions will slip into deficit in the years ahead because of the pension system and that they must find saving to prevent costly top-ups from general taxation. 

Dussopt stated that amendments that "improve the text without giving up on getting back to balancing the books by 2030, nor the fundamentals of the reform" will be accepted by the government. 

(With inputs from agencies)

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