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Hollande to retire on '€15k a month' pension

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Hollande to retire on '€15k a month' pension
News magazine Marianne raised the alarm bells when they reported that the ostracized leader would be cashing in a sizeable pension. Photo: Philippe Woojazer/AFP
10:12 CET+01:00
French president François Hollande doesn't have to look towards the end of his political career with dread. The Elysée Palace confirmed this week he will rake in a monthly pension of €15,000 ($18,000). Although that's a lot less than the initial sum quoted in the media.

French weekly news magazine Marianne raised the alarm bells in early December when they reported that the ostracized leader would be cashing in a sizeable pension when he left office, given the numerous political positions he has held.

As a former Member of Parliament, President of the Republic, Court of Audit officer and member of several local constituencies, Marianne calculated that Hollande would receive a total of € 35,700 every month once he hangs up his boots.

By comparison, former French President Jacques Chirac receives a €31,000 monthly pension.

The French government has taken just under a week to react to the claims and silence critics by announcing that Hollande’s earnings will be considerably lower, although still fairly healthy.

“Supposing François Hollande asks for all the pensions he has the right to, the monthly net total he will receive will be €15.114,” Hollande’s Chief of Staff Sylvie Hubac wrote on Thursday.

Authorities at the Élysée Palace clarified that the Socialist leader won’t keep his seat at France’s Constitutional Court, as all former French Heads of State have the right to do, therefore giving up the €12,000 monthly allowance he would receive from that position.

Marianne may well have overestimated Hollande’s total monthly pension under the assumption that he wouldn’t abide by a French transparency law passed in October which prevents civil servants and members of France’s government from gaining access to early retirement remuneration. 

And it's not just his pension that will keep Hollande in pocket once he hangs up his polished shoes.

After his election in 2012, it emerged that the president, who famously said he 'didn't like the rich' had three properties on the French Riviera, including one in the glamorous resort of Cannes.

Added up the properties are estimated to be worth around €1 million.

Hollande owns a palatial villa in Mougins, the prestigious hill-top Cannes suburb where the artist Pablo Picasso used to live, that is valued at  €800,000. He also has two further flats on the Riviera valued at €230,000 and €140,000.

His assets were published in the Official Journal, the gazette which contains verified information about France's government. 

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