Thursday, June 17, 2010

France proposes to raise retirement age to 62

The French government Wednesday unveiled a controversial plan to gradually raise the age at which workers can retire with pension benefits from 60 to 62 over the next eight years, whittling away the long retirements that are a coveted part of the country's way of life.

The government hopes the new measures, which still require the approval of Parliament, will eliminate the retirement system's nearly $40-billion deficit by 2018.