French authorities intend to raise the retirement age in the country by two years, to 64 years. Announcing such plans Tuesday, Jan. 10, in Paris, French Prime Minister Elisabeth Borne said the goal of the reform is to ensure a balanced pension system in 2030.

Allowing existing deficits to continue to grow would be irresponsible, she added. According to government projections, the shortfall in France's pension fund could be around 20 billion euros by then. By reforming the pension system, President Emmanuel Macron is implementing one of his main election promises.

Simultaneously with the raising of the retirement age, the minimum period of employee contributions to the pension fund is to be increased to 43 years. This is a faster pace than has been planned so far. At the same time, the amount of the minimum pension will increase to 1,200 euros per month

The government's plans to raise the retirement age drew sharp criticism from labor unions. Such a move would deal a severe blow to all working people in France, they warned. The unions estimated that the planned changes would be particularly painful for those who began their working lives early and whose life expectancy is lower than the French average. Such harsh reform cannot be justified in any way, the unions said.

At the moment, the number of elderly people continuing to work in France is relatively small.