Raising or raising the legal age, changing the contribution period, capitalization… What the presidential candidates are proposing for pensions

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In our pay-as-you-go system, assets finance pensions, but in France there are more and more retirees for fewer and fewer assets. The system is weakening. The equation becomes a political debate. The presidential election could change everything on the issue. So what are the candidates proposing? What reform for our pensions?

Today, an employee at the end of their career can stop working at 62 years and 9 months with a full pension if they have contributed for 42 and a half years. Too long for left-wing and far-right candidates. Jean-Luc Mélenchon promises a return to retirement at 60 after 40 years. “Once we have looked at how much we need, we know how much we need to take and we know from whom,” slips the leader of La France insoumise. “So, I'm not saying that it's the day after we're elected, no, but that's okay, a mandate is five years, there's plenty of time,” he adds.

Marine Le Pen and Raphaël Glucksmann also want to repeal the latest pension reform. Return to 62 years and 40 to 42 years for the National Rally. Return to the principle of 62 years also for Raphaël Glucksmann, but adapted to the arduousness of the professions. “Some, those who have linear careers, who are in much more favorable situations, will leave later,” he says.

The right and center tracks

Leaving later, an obligation for everyone in the eyes of the right-wing and central bloc candidates. Édouard Philippe unveils a reform raising the legal retirement age to 65 and 45 annuities. Two thirds of French people would be affected.

With Bruno Retailleau, for the majority of employees, no retirement before age 63. And for a full retirement without reduction, it will be 65 years. “I don’t want to deceive the French, if we don’t work a little more, everything will collapse,” assures the Les Républicains candidate.

To save the system, more and more candidates are proposing to change it and introduce a share of capitalization. Each worker would invest part of their money, paid back upon retirement, to contribute to their own pension. A more individual system that Gabriel Attal wants to generalize. “I propose that for each birth in France, a capitalization account be opened for each baby with 1,000 euros paid by the State into the account and that until the child turns 18, parents and grandparents can top it up by reducing taxes,” he suggests.

Economists warn about the transition period to this system. In certain scenarios, you would have to pay twice for your future retirement and for current pensions.