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Wednesday, October 27, 2010

France Austerity through Pension Reform Bill

By Padmini Arhant

The French Senate passed the Pension Reform bill with 177-153 votes by adopting the single vote rule under the constitutional special provision.

The Senate bypassed the regular legislative process to avoid the U.S. equivalent filibuster reportedly rejecting a significant proportion of the 1000 amendments presented by the concerned elected representatives in the opposition.

Ever since the French President Nicolas Sarkozy declared the Pension Reform extending the retirement and full pension qualifying age from 60 to 62 and 65 to 67 respectively, the French labor force have carried out demonstrations in protest of the controversial bill.

The workers’ justified objection to the bill arise from the inherent financial burden upon them to fund the retirees’ pension, besides the anecdotal resolution resulting in the pension system default to deficit in 2018.

Remaining article...contd.@www.padminiarhant.com

Thank you.

Padmini Arhant

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