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  • Drawing From The Well A Few Times Too Often

    Posted by James R. Rummel on June 17th, 2010 (All posts by )

    I thought everyone here would like to have a little glimpse into the French national pension system.

    The news item linked to above is both short and written in English. Click the link and read the sidebar for a few thumbnail facts concerning who gets a pension, and what kind of money they can expect. A comparison to Social Security in the United States is not a futile exercise.

    What I found interesting is how French workers with private sector jobs have to make do with 50% of their pay, and the base figure is found by averaging the 25 top earning years during their career.

    Public sector employees, by contrast, receive 75% of their pay, and the base figure is found by averaging the last six months of their career.

    It seems that this is inviting fraud, as I would certainly try my best to work as much overtime as possible during that last six months. Inflate the pay and get a better pension than I deserve.

    Those who avoid sucking at the government teat are shafted in a lot of other ways as well. Private sector employees have to give up over 10% of their pay in order to fund the pensions, while government workers are only taxed less than 8%. Pretty good work if you can get it.

    Read the whole thing. Like I said, it is short and to the point.

     

    2 Responses to “Drawing From The Well A Few Times Too Often”

    1. Robert Schwartz Says:

      I am sure that when the time comes, the Germans, who have a retirement age of 67, will be thrilled to bail the French out of this fiscal problem.

      The German slogan will be: “No more Mr. Nice Guy.”

    2. Locomotive Breath Says:

      So Robert, between this and Greece, the Germans end up conquering Europe after all.

      And China conquers the U.S.