French enjoy longest retirement in the developed world

French enjoy longest retirement in the developed world
A man paddling in Nice, southern France. Photo: Valery Hache/AFP
French pensioners enjoy the longest retirement in the developed world and also have some of the highest revenues, a study by the OECD economic think tank showed on Tuesday.

On average, French workers stop working at 60.2 years compared with 64.4 years for their counterparts in other industrialized nations.

The study by the Paris-based OECD showed that French over-65s also had higher income than people of working age, with the group enjoying revenues equivalent to 103.4 percent of the national average.

France has one of the lowest rates of poverty among the over-65s at 3.6 percent, just behind Denmark at 3.2 percent and far ahead of South Korea which has one of the highest rates of poverty at 45.7 percent, the study showed.

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The OECD report titled “Pensions at a Glance” looks at policies and outcomes in its 35 members, which are the industrialised democracies around the world.

French pensioners may be the envy of the world currently but under reforms introduced by the last Socialist government workers will soon have to work for longer.

To qualify for a full pension in 2035, they will have to have spent 43 years in work, which will eventually take the average retirement age to 64.

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By Gabriel Bourovitch