How Does the New French Retirement Age Stack Up Globally?

French President Emmanuel Macron used executive powers to raise the government’s minimum retirement age for national pension benefits Tuesday, amid protests inside and outside the chambers. .

KEY TAKEAWAYS

• The age for the French to receive government retirement benefits has raised to 64 from 62.
• The average retirement age in the United States is 64.9 for men and 64.7 for women, though Americans can claim benefits at 62.
• Indonesia holds the world’s oldest average retirement age at over 68 years old, while Sauids retire on average before their 60th birthday.

Thousands of workers went on strike in the days leading up to the decision, as Macron has continued to push for raising the retirement age from 62 to 64

Macron’s Changes Are Unpopular

According to OECD data from 2020, early retirement in France begins between ages 55 and 62, and regular retirement starts from 63.5 to 64.5. France’s retirement age is a little better than average compared to workers worldwide and far from the worst.

President Emmanuel Macron has been working to convenience parliament to raise the retirement age from 62 to 64, as a part of a plan he says will make the French economy more competitive. 

Meanwhile, workers in critical industries such as trash collection have been on strike to stand against the change. Macron raised the age without lawmakers’ support as well, with many protesting the unilateral call.

Economic Forces May Require Change

But in France, the opposite has been the case. Since the 1970s, the average retirement age in France has slowly declined, while other countries have increased their age for pension benefits.

French workers don’t want to let go of that trend, but economic realities may force the changes. Just as the Social Security system in the United States may find itself under pressure in the future due to an aging population and other demographic.Just as the Social Security system in the United States may find itself under pressure in the future due to an aging population and other demographic factors, the French system may find itself in a deficit in the next decade.