September 1, 2023: what will change with the pension reform

The reform text was finally presented to the French. As of September 1, 2023, the legal retirement age will change.

September 1, 2023The government has finally formalized the content of the text on the pension reform project. This reform aims to guarantee the balance of the pension system . This last will change a lot of things from September 1, 2023. We tell you everything.

Change in the legal retirement age

As of September 1, 2023, the legal retirement age will no longer be 62 . It will be increased by three months per year to reach 64 in 2030 . To obtain a full pension, employees must have contributed 172 quarters, i.e. 43 years of contributions .

The 2023 pension reform accelerates the application of the Touraine reform . This last aimed to extend contribution periods to 43 years by 2035 .

'We will not go further than 43 years of contribution, but we will reach this target faster,' said Prime Minister Elisabeth Borne.

People born between September and December 1961 will be the first to be affected by the pension reform . As of September 1, 2023, the legal retirement age will be 62 years and 3 months. These persons must have contributed for 42 years and 3 months to get a full pension.

If you were born in 1962, you can retire at the age of 62 years and 6 months . You must add three additional months if you are from the 1963 generation . You must contribute 170 quarters or 42 years and 6 months.

People born in 1965 will be able to retire at the age of 63 years and 3 months . These people are the first to have to contribute 43 years of quarter if they want to receive a pension without discount .

People born on or after January 1, 1968 will retire at age 64 . If this is your case, you must also contribute for 43 years to obtain a full pension .

What are the other changes from September 1, 2023?

The pension reform raises the minimum pension to 85% of the value of the minimum wage. This represents approximately nearly 1,200 euros . According to the government, this increase will affect approximately 2 million small pensions .

When the reform was adopted, most of the current special schemes will be removed for 'fairness' . The end of special schemes will only apply to new entrants to the world of work who are affiliated to the general scheme .

The abolition of special regimes concerns new recruits:

• of the RATP
• in the electricity and gas industries branch (EDF, etc.)
• at the Bank of France

The same applies to new notary clerks and members of the Economic Council , social and environmental (CESE).

According to the announcement of the tenant of Matignon, the government has maintained the long career system . The terms of very long careers have even been revealed. If you started working at a young age, you can retire before you turn 64 .

Those who started working at the age of 14 will be able to retire on their 58th birthday . If you started working at 16, you can retire at 60.

What about the discount and the difficulties?

Even after the reform retirees will no longer have to suffer a reduction in their pension when they turn 67 . This reduction will be canceled regardless of the number of quarters that are missing. This concerns future retirees and those who are already retired .

The government will strengthen medical monitoring for workers who work in arduous conditions. They could take an early retirement at the age of 62 . A one billion euro investment fund will be established for the prevention of professional wear and tear .

After the reform, 4 out of 10 people will be able to retire earlier . These people will not have to work until they are 64 thanks to the early retirement scheme .

Pension reform wants to improve the purchasing power of people who have worked all their lives. She also wants to take into account all professional situations .

“We have said it, we want to preserve our pay-as-you-go pension system, that is to say a system where those who work finance the pensions of retirees”, explained Élisabeth Borne.

Source : Moneyvox