The French government has announced the suspension of the pension reform until January 2028, a measure that will cost 100 million euros in 2026 and 1.4 billion in 2027. This decision, integrated into the social security budget via a rectifying letter, aims to ease political tensions in the National Assembly. Emmanuel Macron calls it a mere delay, while Prime Minister Sébastien Lecornu refers to it as a suspension.
The suspension of the 2023 pension reform under the Borne government will be formalized on Thursday, October 23, in the Council of Ministers through a rectifying letter to the social security budget bill. According to this letter, revealed by Les Echos, the cost will be 100 million euros in 2026 and 1.4 billion in 2027. Financing will partly come from raising the contribution rate of complementary organizations from 2.05% to 2.25% in 2026, and from an additional 0.5-point sub-indexation of pensions in 2027, totaling 0.9 points against the forecasted 1.75% inflation (excluding tobacco). Pensions and social benefits will be frozen in 2026 to curb public spending.
This measure delays until January 2028 the gradual increase in the legal retirement age to 64 and the required quarters for a full pension. Thus, the 1964 generation will retire at 62 years and 9 months with 170 quarters, instead of the initially planned 63 years and 171 quarters from October 2026. For the 1965 generation, implementation resumes in 2028 with 171 quarters instead of 172.
Politically, Prime Minister Sébastien Lecornu announced this suspension on Tuesday, October 21, to meet demands from socialists and the National Rally, averting a no-confidence vote against the government on October 16. The Socialist Party sees it as a 'victory.' However, Emmanuel Macron, from Ljubljana in Slovenia, stated the same day there would be 'neither abrogation nor suspension,' but a 'delay of a deadline' to January 1, 2028, financed by savings. This discrepancy complicates Assembly negotiations.
The addition of this measure has delayed the commission review in the social affairs committee to Monday, October 27, according to Frédéric Valletoux (Horizons), the committee president. Deputies must re-submit their 1,400 amendments by Friday at 5 p.m. Debates in the hemicycle will start on November 4, with a solemn vote scheduled for November 12 before transmission to the Senate. The constitutional 20-day deadline restarts from Friday.