Is the French pension system under threat?

The Prime Minister, Ms Elisabeth Borne, justified the need for the forthcoming pension reform by citing the cumulative deficit in the pension schemes: “If we do nothing, we will have over 100 billion euros in additional debt for our pension system over the next ten years,” she said in an interview with *Le Parisien*. Conversely, the trade unions issued a joint statement noting that “the pay-as-you-go system is not at risk, including for younger generations.” What are we to make of these positions? What is the financial situation of our pension system?