Click amount to donate direct to CounterPunch
  • $25
  • $50
  • $100
  • $500
  • $other
  • use PayPal
Support Our Annual Fund Drive! CounterPunch is entirely supported by our readers. Your donations pay for our small staff, tiny office, writers, designers, techies, bandwidth and servers. We don’t owe anything to advertisers, foundations, one-percenters or political parties. You are our only safety net. Please make a tax-deductible donation today.
FacebookTwitterGoogle+RedditEmail

French Austerity and the New Les Misérables

by TOM GILL

French employers have called for rigueur millions of pensioners. A five year plan of misère that will see pensions in the private sector cut in real terms.

Under the bosses’ austerity plan, from 1 April this year, pensions will rise by 1.5% less than inflation, and in the following years to 2017 they will rise by 1% below the rise in the cost of living. That is expected to save 4 billion euros a year for  the two pension funds Agirc and Arrco which are facing a 10 billion euro projected deficit in five years time. Unions have declared the proposals unacceptable, although (bar the CGT) they have been willing to accept year one of the plan if bosses share the burden by increasing company contributions to the schemes.

But employers’ association Medef rejects this. Indeed they want more sacrifices – a progressive increase in the retirement age, to the tune of a quarter a year, from 2017, a move that will save a further one billion euros.

Picking on ordinary pensioners like this isn’t necessary – French firms may claim poverty now but the country’s top 40 listed companies (CAC 40) in recent years had more than enough cash to ensure the pension schemes’ solvency. They chose instead to use their profits to pay out more than 100 billion euros in dividends, in the three years to 2011, however.

The plan is also very unfair. Around 13 million pensioners are on around 1,000  euros a month on average. And more than a million people over the age of 64 live in poverty. Contrast that with the bosses’ own retirement nest eggs. No sign of rigueur for them.

In addition to bonuses, stock options and free shares, half of the patrons of the France’s top 40 listed companies (CAC 40) will receive supplementary pensions, or retraites-chapeaux, netting them 545,000 euros annually each on average when they retire. Franck Riboud of Danone, Jean-Paul Agon of L’Oréal and Henri de Castries of Axa are to pocket more than a million euros each. And that’s in addition to the statutory pension…

Amid massive pressure on living standards and rising unemployment imposed on workers in a bid to prop up the banks, the patronat’s planned pensions heist shows there’s one rule for the 1% and another for the rest of us.

France’s socialist government has ditched promises of kick-starting growth in favour of Chancellor Merkel’s austere recipes for Europe and is now pushing for labour counter-reforms. But it has nevertheless been tougher than most western regimes with the super-rich. It has to be hoped that – as well as sticking to its pledge to resubmit a law to implement its ‘millionaires’ wealth tax that was thrown out at the end of last year on a technicality – President Hollande won’t let this particular bosses charter go through.

Tom Gill blogs at www.revolting-europe.com

 

Tom Gill edits Revolting Europe.

More articles by:

2016 Fund Drive
Smart. Fierce. Uncompromised. Support CounterPunch Now!

  • cp-store
  • donate paypal

CounterPunch Magazine

minimag-edit

Weekend Edition
September 30, 2016
Friday - Sunday
Henry Giroux
Thinking Dangerously in the Age of Normalized Ignorance
Stanley L. Cohen
Israel and Academic Freedom: a Closed Book
Paul Craig Roberts – Michael Hudson
Can Russia Learn From Brazil’s Fate? 
Andrew Levine
A Putrid Election: the Horserace as Farce
Mike Whitney
The Biggest Heist in Human History
Jeffrey St. Clair
Roaming Charges: the Sick Blue Line
Rob Urie
The Twilight of the Leisure Class
Vijay Prashad
In a Hall of Mirrors: Fear and Dislike at the Polls
Alexander Cockburn
The Man Who Built Clinton World
John Wight
Who Will Save Us From America?
Pepe Escobar
Afghanistan; It’s the Heroin, Stupid
W. T. Whitney
When Women’s Lives Don’t Matter
Howard Lisnoff
What was Missing From The Nation’s Interview with Bernie Sanders
Julian Vigo
“Ooops, I Did It Again”: How the BBC Funnels Stories for Financial Gain
Jeremy Brecher
Dakota Access Pipeline and the Future of American Labor
Binoy Kampmark
Pictures Left Incomplete: MH17 and the Joint Investigation Team
Andrew Kahn
Nader Gave Us Bush? Hillary Could Give Us Trump
Steve Horn
Obama Weakens Endangered Species Act
Dave Lindorff
US Propaganda Campaign to Demonize Russia in Full Gear over One-Sided Dutch/Aussie Report on Flight 17 Downing
John W. Whitehead
Uncomfortable Truths You Won’t Hear From the Presidential Candidates
Ramzy Baroud
Shimon Peres: Israel’s Nuclear Man
Brandon Jordan
The Battle for Mercosur
Murray Dobbin
A Globalization Wake-Up Call
Jesse Ventura
Corrupted Science: the DEA and Marijuana
Richard W. Behan
Installing a President by Force: Hillary Clinton and Our Moribund Democracy
Andrew Stewart
The Democratic Plot to Privatize Social Security
Daniel Borgstrom
On the Streets of Oakland, Expressing Solidarity with Charlotte
Marjorie Cohn
President Obama: ‘Patron’ of the Israeli Occupation
Norman Pollack
The “Self-Hating” Jew: A Critique
David Rosen
The Living Body & the Ecological Crisis
Joseph Natoli
Thoughtcrimes and Stupidspeak: Our Assault Against Words
Ron Jacobs
A Cycle of Death Underscored by Greed and a Lust for Power
Uri Avnery
Abu Mazen’s Balance Sheet
Kim Nicolini
Long Drive Home
Louisa Willcox
Tribes Make History with Signing of Grizzly Bear Treaty
Art Martin
The Matrix Around the Next Bend: Facebook, Augmented Reality and the Podification of the Populace
Andre Vltchek
Failures of the Western Left
Ishmael Reed
Millennialism or Extinctionism?
Frances Madeson
Why It’s Time to Create a Cabinet-Level Dept. of Native Affairs
Laura Finley
Presidential Debate Recommendations
José Negroni
Mass Firings on Broadway Lead Singers to Push Back
Leticia Cortez
Entering the Historical Dissonance Surrounding Desafinados
Robert J. Burrowes
Gandhi: ‘My Life is My Message’
Charles R. Larson
Queen Lear? Deborah Levy’s “Hot Milk”
David Yearsley
Bring on the Nibelungen: If Wagner Scored the Debates
FacebookTwitterGoogle+RedditEmail
[i]
[i]
[i]
[i]