France to raise retirement age to 62 in 2018

France will raise its citizens' retirement age from 60 to 62 in 2018 in a bid to curb its growing deficit, Labor Minister Eric Woerth announced Wednesday.

Calling the move a "real moral obligation," Woerth said working longer is "unavoidable" for ending France's pension system's debts.

According to the official Board of Retirement Guidance, France in 2010 has to find 32.2 billion euros (38.9 billion U.S. dollars) to pay retirees and 70.3 billion euros (85.1 billion dollars) will be needed in 2030. By the year of 2050, the pension system will risk a deficit of 102 billion euros (133.2 billion dollars).

It is impossible to promise to work less long and at the same time not to have a deficit, said Woerth, who pledged the measure will be "responsible and fair."

Woerth also said the reform was in line with other European countries, which were raising retirement ages, along with other measures, to bring budget deficits under control.

According to earlier reports, Germany has decided to raise its eligible retirement age from 65 to 67 in 2029, Italy has set it at 65, Sweden at 61, and Spain's is currently 65 but will rise to 67 in 2013.

The final bill will be examined by the Council of Ministers in early July and will then be subject to the approval of parliament in September.

Source: Xinhua