Agence France-Presse news agency reports that French President Nicolas Sarkozy has signed the pension reform bill into law, which caused widespread protests across the country. Earlier this bill had been approved by both houses of parliament of this country.
According to the text of the newly adopted law from now on the minimum retirement age will be increased from sixty to sixty-two years. The compulsory retirement age will be sixty-seven years, not sixty-five as it was before.
Recall that the legality of the new project was challenged in court. Nevertheless, the court ruled that all its provisions, which relate to the reform of the pension law, are constitutional.
In France, the increase in the retirement age provoked strong criticism from the French public. There have been several multimillion-dollar protests in the country and the threat of an energy crisis in France. Representatives of trade unions have already announced that they are not going to stop the protests because of the law. Now the next day of mass demonstrations of the French people is the twenty-third of November.
Earlier the French finance ministry estimated the damage caused by the strikes. So, according to analysts, the annual loss is between two hundred and four hundred million euros. According to some reports the petrochemical industry of the country lost up to one billion euros in total as a result of the protests.
In conclusion it should be noted that the supporters of the new pension reform argue that the French government does not have enough money to finance the old pension system.