Future-focused, most changes here do not affect any accrued benefits at the date of change
Demonstrators carry an effigy of 'Liberty' at a protest during a national strike against pension reform, in Paris, France, March 7 2023. Picture: BENJAMIN GIRETTE/BLOOMBERG
The glaring difference between the reform processes in the two countries is that SA has not experienced anywhere near the level of dissent France is getting from unions, the public and retirement fund institutions. A closer look at the primary reasons for the unrest in France reveals some interesting lessons.
The proposed pension reform come at a time when many French workers are already facing economic insecurity, high unemployment and inflation, and with those, declining living standards.People think they are being short-changed. It touches on their pockets because working longer means more money paid in tax to subsidise retirees, and with high inflation and a rising cost of living there is an erosion of disposable income and discretionary savings.
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