Pensions: for the CFTC, the situation is "less dramatic than expected" since the COR report halves its estimate of the deficit for 2030

According to its annual report, the Pensions Advisory Council estimates the pension system deficit for 2030 at 0.2% of GDP, and at 1.4% of GDP for 2070.

"The situation is less dramatic than expected," the CFTC assured on franceinfo on Friday, June 6 , regarding the report of the Pensions Advisory Council (COR) on pensions, "since the estimated deficit for 2030 has been halved."

The COR published its annual report on Friday, in which it forecasts that, if nothing changes, the pension system will suffer a deficit of -0.2 points of GDP in 2030 (i.e. 6.6 billion euros in current terms), reaching -1.4 points of GDP in 2070.

An estimate halved for 2030 compared to the previous report but revised upwards for 2070. "We see that the COR estimates from one year to the next are sometimes - in the deficit estimates - from single to double" , underlines Cyril Chabanier, president of the French Confederation of Christian Workers (CFTC).

Asked whether returning to 63 years instead of 64 would cost 13 billion euros more per year, the CFTC "does not necessarily dispute this figure" but points out that "there are other levers that can be used" other than age. It identifies four cited by the COR: "The moderation of pensions in relation to inflation, the increase in employee contributions, the increase in employer contributions and finally the shift in the legal age."

For him, these proposals are proof that other solutions than raising the retirement age are possible: "In the conclave, we proposed a slight increase of six euros on average in employer and union contributions," Cyril Chabanier gives as an example. He also points out that in the previous report from the Court of Auditors "and not from the COR," "raising the legal retirement age demonstrated that it was financially effective in the very short term, over the first two or three years, but that the effect was quite weak in the medium to long term. That's why we're looking for other avenues."

Cyril Chabanier acknowledges that "returning to 62 years old can be complicated" and points out that the CFTC said that it was necessary to "make an effort on the age" . "Perhaps we can find a consensus at 63 years old?" he asks. Another possibility raised: the age at which the reduction is cancelled, which is also a major priority for the CFTC, and which is set at 67 years old in France. "We have between 110,000 and 120,000 people each year who must go up to 67 years old to avoid being subject to a reduction" , underlines Cyril Chabanier, who is keen for "all of this" to be "discussed in the conclave" .

This COR report is being released as social partners are negotiating in a "conclave." Employers and unions are in the final stages of negotiations, with the end scheduled for June 17.