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Come at Me, Vieux

Bloomberg Businessweek US

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December 19, 2022

○ French President Macron picks a fight with unions over his plan to raise the retirement age

- Cristina Lindblad

Come at Me, Vieux

Emmanuel Macron can claim significant progress on a plan to lead France through a decade-long transformation toward his vision of a job-rich, open economy that acts as a magnet for investment and business. His efforts have lured bankers from Brexit-torn Britain, helped create dozens of billion-dollar tech startups and even contributed to an employment uptick in the country’s longsuffering manufacturing sector.

But the youngest French leader since Napoleon now risks setting off economically paralyzing social upheaval after cornering himself in a battle over the final piece of his reform puzzle: making the French work longer and retire later.

Macron insists on raising the minimum age to start collecting government pension benefits to 65, from 62, provoking outrage even among more moderate trade unions. Despite consultations ahead of a formal unveiling of the plan on Jan. 10, opposition is entrenched, with all major worker and student groups pledging to unite for mass protests and strikes in the new year.

The clash is shaping up to be the biggest manifestation yet of a tension that’s run through Macron’s presidency. On one side is the highly trained technocrat and former investment banker driving policy changes that mainstream economists have long advocated.

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