The French government has significantly revised downwards its growth estimate for 2024, from 1.4% to 1%. The government is looking for savings in all directions.
Financing social protection represents 56% of state expenditure, a third of GDP. The most effective savings lever would be not to increase pensions in line with inflation. Under-indexing by a small point compared to inflation would save three billion euros in one go. But the maneuver is risky because those over 65 vote more than other age groups, and often for Emmanuel Macron.