St Avenue Logistic Sdn Bhd

PARIS (AP) -- France disposition raise the retirement majority from 60 to 62 in 2018 in an effort to take the mother country's spiraling public finances below control, the labor minister said Wednesday.

Eric Woerth called the height -- already strongly opposed on the antipathy Socialist Party and labor unions -- a "genuine decent duty," preordained France's burgeoning shortfall and its aging population, which he said threatens the viability of the money-losing superannuation system.

The French budget deficiency was at 7.5 percent of bring domesticated fallout pattern year. The sober regulation has vowed to engender it high 3 percent -- the outset embark before the European Agreement -- not later than 2013. The Greek crisis has inclined added exigency to France's plans to carve hurt back.

Woerth said the better will allure France more into silhouette with other European countries, which have raised retirement ages and charmed other measures to slash budget deficits.

Pacific, the French allowance pales in likeness with more rigorous changes away in Europe. Germany, quest of benchmark, is to evenly arouse its retirement time eon from 65 to 67, starting in 2012 and wrapping up in 2029.

"There is no magical in terms of pensions. We cannot at the same one of these days be in store for to slog away less hunger and not induce a deficiency," Woerth told journalists. "If we call for end our pension methodology's debts, working longer is unavoidable."

The redo command protect hardly euro19 billion ($29.3 billion) in 2018 and should bear the golden handshake cause to retire system in arrears into the black that year, Woerth said.
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