France’s Senate votes to raise the retirement age from 62 to 64

The French Senate approved on Wednesday evening, after a heated battle with the left, the key article of the pension reform bill that raises the statutory retirement age from 62 to 64. The vote passed with 201 yes and 115 no. According to the government planthe statutory retirement age will be gradually raised from 62 to 64, at the rate of 3 months a year, from 1 September 2023 to 2030. Furthermore, in order to obtain a “full-rate” pension (without a discount), the period of required contributions will be increased from the current 42 years (168 quarters) to 43 years (172 quarters) by 2027, at a rate of one quarter per year