The True Cost of a Potential Repeal of the Pension Reform

Repealing the pension reform could have significant financial repercussions for the pension system. According to estimates, the system’s deficit could reach approximately 15 billion euros as early as 2025 and 32 billion euros in 2032. 

These figures, published by the daily newspaper *Les Échos*, are based on data from the National Old-Age Insurance Fund (Cnav), which confirmed this order of magnitude without providing further details.
 

Costs of Repeal
Abandoning the gradual increase in the retirement age provided for in the reform would cost 3.4 billion euros in 2025 and nearly 16 billion in 2032. This scenario, as projected by the simulation, implies a return to the statutory retirement age of 62 and to the provisions of the previous Touraine reform regarding the length of contribution periods. However, the measures to increase small pensions—decided by the Borne government to facilitate acceptance of the reform—would be maintained.
 

Impact on the Deficit
Repealing the reform could push the pension system’s deficit even deeper into the red, with an estimated deficit of about 15 billion euros as early as 2025 and 32 billion euros in 2032. These figures come as the National Assembly prepares to consider proposals to repeal the reform.
 

Parliamentary Initiatives
Several political groups have introduced amendments to repeal the reform as part of the 2025 Social Security budget bill. Left-wing groups and some independents from the Liot group submitted these amendments, which will be discussed in the Social Affairs Committee next week before coming before the full chamber the following week. The National Rally has also introduced a bill to repeal the reform, which will be considered by a National Assembly committee on Wednesday morning.

Repealing the pension reform could lead to a significant increase in the pension system’s deficit, with substantial financial costs in the medium term. Parliamentary initiatives aimed at repealing the reform are currently under review, which could influence the financial outlook for the pension system in the future.