The French President recently bucked global trends by announcing that the pension age would be increased from 60 to 62. With the retirement age sliding in the opposite direction in many other countries, this will be seen as something of a shock, but France are renowned for valuing their work life balance, even introducing a 35 hour working week in 2000.
See more information: French raise retirement age to 62
So what does this mean for the French economy?
Whilst this is seen by much of the French labour force as a welcome change, many economists and politicians alike are hugely skeptical that France can afford this change. Already saddled with national debt accrued during the credit crunch, cost projection are 1.1 billion Euros’ next year, rising to a staggering 3 billion in 2017.
The French government is believed to be looking to pay for this by raising income and corporation taxes, which it is feared will have knock on effects on inflation and unemployment.
Time will tell if this proves to be a good idea, at present, the jury is out.
In the UK the workplace pension law with change in October 2017, make sure that you’re ready to integrate auto enrolment pensions into your business.
What is there to think about?
Now that the pension age has changed, people are beginning to think about what needs planning and preparing. This includes people aged 18-24 to sort their pension out and people aged around 50+ to organise their funeral.
Planning your funeral takes the extremely difficult burden away from your family as well as the financial stress. Halifax residents, visit this website for the ultimate guide to funeral planning.
Pre-planned funerals provide many advantages.
So, what are the benefits?
You have protection from rising costs. Funerals are expensive and are only going to get more expensive, but paying today means your family don’t have to pay extortionate amounts and you will pay for today’s prices.
Choose your own needs. You can plan the event to your own specifications. Pre-planning your funeral allows you to choose exactly how you would like to be remembered.