seat64k wrote:If we don't start mandating significantly higher levels of retirement savings, more and more people are going to have no choice but to work for longer. My parents, despite contributing the suggested amounts their entire working careers, are both facing this reality, while both facing health issues that are likely to disable them in the near future, but unlikely to shorten their life expectancy. This means I'm in a position where I have to plan for my own retirement and take of two (divorced) parents who will likely depend on me for the next 2-3 decades. Which ultimately means I might very will have to work well past the usual retirement age despite saving aggressively.
ArchGuy1 wrote:and commuters faced hours long delays in the train network as train drivers refused to go to work. Hospitals had to requisition workers for essential services as health care workers went on strike. Electricity was cut by union activists to nearly 100,000 homes and offices
DeltaMD90 wrote:ArchGuy1 wrote:and commuters faced hours long delays in the train network as train drivers refused to go to work. Hospitals had to requisition workers for essential services as health care workers went on strike. Electricity was cut by union activists to nearly 100,000 homes and offices
I can't believe this happens in a civilized country. Absolutely maddening
flipdewaf wrote:Aesma wrote:
What is it that determines the number of 'points'? I'd guess that the 'points' are still eared on maternity or paternity leave but is it based on pay or is there some relevance to the job that is being done like is there some morality based system for more points or a fire fighter who may find it difficult to work after a certain age due to physical limitations?
Would a nurse, for example, earn more points per euro earned and is this something that could be fiddled later by the relevant politicians in order to help win votes in elections from relevant voters?
Aesma wrote:The strikes were not just one day, they started on the 5th and are ongoing since then. Little trains, and almost no metros for that entire time (only line 1 and 14 in Paris are running normally, as they're automatic...).
I work close to home so I wasn't affected until last week when I was training for a Cisco certification in Paris, I had to endure hours of traffic every morning and every night because of this.
Also, the reform is not about raising the retirement age, at least not initially. It's to transform the system into a points based one, from an annuity based one. That should allow people to retire at any age, with a pension level determined according to the number of points earned, and the life expectancy at that age.
This was the promise president Macron made during his campaign.
The problem is that since then, new studies have found that the system will have a significant deficit from the start, so it's not viable without a new addition, a "pivot age", of 64 years, where you would get a lowered pension if retiring before, and a higher one if retiring later. The current retirement age of 62 would make a come back, so you can retire before that with an even lower pension, at 62 with a lower pension, and at 64 with a full pension.
One other promise was that people who will retire between now and 5 years from now wouldn't see any change, but that "pivot age" is supposed to be implemented gradually starting in 2022, so that's a broken promise.
The two main issues are that government communication on this reform has been awful. It's supposed to be beneficial for the vast majority of people, it's not made to spend less money at all, so there will be more money in the pockets of everyone, at least initially, yet most people think the opposite is true.
The other issue is that with this fairer universal system, designed so that's it's easy to change careers, take part in the jig economy, go from the public sector to the private sector, etc. (something very rare today, since public employees have a job for life, and a sweet pension deal), one category of people will be big losers : public employees, mainly professors and school teachers, who have a crap salary but an OK pension, the new pension would be according to their salary, so crap; and quasi public employees of the national electric company and rail companies, who can retire as early as 52, with a good pension, and a very good salary before that. That's why exactly these people are striking, while most French people are not.
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