Sarkozy Tweaks Pension Reform
With the announcement of more protests, some of them open-ended, French President Nicolas Sarkozy announced an amendment to his plan to raise the retirement age. the amendment would give parents who took time off from work after the birth of a child to receive full pension benefits at 65. The plan will be paid for through capital and gains taxes on real estate sales., and would only apply for five years. Many unions said that the amendment was not what they wanted, and it was not enough. They said that the protests were about the penalties being put onto workers, without the financial industry feeling the same crunch. Railway, energy and mining unions published notification saying that a strike planned for next Tuesday will be open-ended, which could lead to greater disruption of the French economy.
See "Sarkozy Tweaks Pension Reform", William Horobin, The Wall Street Journal, October 6, 2010