Faced with the financial “balancing problems” of the pension system, it is necessary to “find an answer”, which is not necessarily unequivocal. This is one of the salient messages that a group of experts formulates in an “opinion” made public on Thursday, September 22. It falls a few hours after an interview granted to BFM-TV by Emmanuel Macron, in which the Head of State reaffirms the “need” to transform pension schemes, the idea being to make the active “work more” in order to “defending the French social model”. Read also: Pension reform: Emmanuel Macron asks the government to “find the right maneuver” with Parliament The opinion released Thursday afternoon is written by the Pension Monitoring Committee (CSR), whose mission is to give the he alert if our pension system goes adrift, with regard to the objectives that the law assigns to it: budgetary sustainability, equity between the insured, solidarity between the generations… “In case of need”, this body, chaired by the economist Didier Blanchet, makes proposals, so as to bring the device back to the right path. This is what happened in 2017, when the CSR sounded the alarm “on deficits which (…) were starting to widen again”. He then invited the government to act, by reviewing the measures that could be taken, but without favoring one. His recommendation was repeated for the next two years. In 2020 and 2021, on the other hand, it had refrained from issuing the slightest recommendation, due – in particular – to the “very specific” context linked to the health crisis. From then on, the whole question was whether the committee was going to challenge the public authorities again, as at the start of Mr. Macron’s first five-year term. A question all the stronger that the controversy has been raging for months on the seriousness of the financial difficulties of the system. Shedding light on the impacts This new opinion therefore concludes in the affirmative: the problem must be dealt with. To support its statement, the CSR is based on the latest projections that the Pensions Guidance Council (COR) presented on September 15 in its annual report. This document shows that the system returned to surpluses in 2021 (+ 900 million euros), but that it should plunge back into the red from 2023, and only come out of it during the second half of the 2030s, in the most optimistic scenario. Read also: Article reserved for our subscribers Pensions: after an upturn, the system should deteriorate from 2023 In addition, underlines the CSR, the “results” turn out to be “significantly less favorable” if we refer to previous simulations, carried out in 2021: from now on, either it would take longer to fill the hole, or it would remain, in varying proportions depending on the pace of growth and the accounting convention used. There are significant uncertainties regarding the magnitude of future imbalances, but the “short and medium term” risk is very real, especially since the productivity of our economy is likely to decline, which would accentuate degradation of accounts. This is why the question of corrective measures arises. You have 29.33% of this article left to read. The following is for subscribers only.
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