France spends about 15% of its GDP on pensions, one of the highest levels in Europe, and its retirees live almost as well as the working-age population; but the COR projects a lasting deficit, the 2023 reform is suspended until 2028 and the 2027 budget proposes to slow the uprating of pensions.
Key points
- There were 2.62 people aged 20-64 for every person aged 65 and over in 2023; the COR projects 1.62 in 2070.
- Men leave employment at 61.9 in France, more than two years before Germans (64.2).
Citoyen synthesis for the Pensions category. Grounded in the sector's quantitative data (Conseil d'orientation des retraites (COR), Drees, INSEE, Eurostat, OECD) and benchmark national analyses (Comité de suivi des retraites). All values are the latest realized observation available — never a forecast; COR projections are presented as such. Assessments are kept distinct from sourced facts. Data last updated: November 2026.
1. State of play — where French pensions stand
Spending among the highest in Europe. Under Eurostat's harmonised definition (ESSPROS: old age, survivors, disability and early retirement, public and private schemes), France devotes 15.0% of GDP to pensions in 2024, third in the EU behind Italy (15.9%) and Austria (15.4%), against 12.6% for the EU (provisional). The COR, which only counts legally mandatory pension schemes, measures 13.9% of GDP in 2024 and estimates spending at €422 billion, or 14.1% of GDP, in 2025. The two figures do not measure the same thing and must not be compared as a single series.
An almost entirely public system. According to the OECD SOCX database, public cash pensions amount to 13.4% of GDP in 2022, against 0.25% for mandatory and voluntary private schemes. The system is pay-as-you-go (basic scheme plus mandatory supplementary schemes such as Agirc-Arrco); funded pensions remain marginal.
Still an early exit. The COR's period average retirement age reaches 62.95 in 2024 (63.1 estimated for 2025), against 60.5 in 2010. The OECD's effective age of labour market exit remains 61.9 for men and 62.4 for women in 2024, for a normal retirement age of 64.3 for a career started at 22. The employment rate of 55-64-year-olds reaches 61.7% in 2025 (Eurostat), but that of 60-64-year-olds is only 44.4%, against 55.0% in the EU.
Retirees on a par with the population. Retirees' average standard of living represents 100.2% of that of the whole population in 2023 (COR, latest observed point). According to Eurostat, the median income of people aged 65 and over reaches 97% of that of the under-65s in 2025, against 91% in the EU.
A slightly negative balance. According to the COR, the pension system was balanced in 2023 and ran a deficit of 0.06% of GDP in 2024; it is estimated at 0.17% of GDP in 2025. In its opinion of 9 July 2026, the Comité de suivi des retraites refers to a projected deficit of €6.8 billion in 2030.
2. Outlook — where pensions are heading
Demographics deteriorating faster than expected. There were 2.62 people aged 20-64 for every person aged 65 and over in 2023; the ratio is estimated at 2.53 in 2025 and the COR projects it at 1.62 in 2070. The 11 June 2026 report now assumes fertility of 1.45 children per woman from 2028 (against 1.8) and net migration of +150,000 a year.
Darker projections. In the COR's reference scenario (a projection, not an outcome), spending would rise from 13.9% of GDP in 2024 to 15.3% in 2070, the deficit would reach 2.4% of GDP in 2070 (against 1.4% in the previous report) and retirees' relative standard of living would fall to 90.3% of that of the whole population. These paths depend on debated assumptions for productivity (+0.7% a year) and unemployment (7%).
The 2023 reform suspended until 2028. The law of 14 April 2023 gradually raised the legal retirement age from 62 to 64. The 2026 social security financing act (article 105) suspended it: the legal age is frozen at 62 years and 9 months and the contribution period at 170 quarters until 1 January 2028, for pensions starting from 1 September 2026. It is a pause, not a repeal: the issue is deferred to the 2027 presidential election.
2027 budget: pensions asked to contribute. The 2027 social security financing bill (article 35, October 2026) departs from the usual uprating of basic pensions on 1 January 2027: the standard formula would give about 1.7%; small pensions would keep it, while the increase would be reduced and then frozen above thresholds (around €1,281 and €2,034 a month according to the press; reported amounts differ). Supplementary schemes are not affected. The bill was rejected in committee in the Assemblée nationale and its outcome remains uncertain.
The open questions. Three levers frame the debate: (1) age — whether to resume the rise towards 64 in 2028; (2) pension levels — indexation, fairness between generations; (3) revenue — contributions, older workers' employment. Citoyen presents these options without taking sides.
3. International comparison — France among its peers
Set against its neighbours, France combines high spending, an early exit from work and relatively well-off retirees.
Three takeaways. (1) Spending: near the top. At 15.0% of GDP in 2024 (Eurostat), France spends less than Italy (15.9%) but clearly more than Spain (13.2%), Germany (11.7%, provisional) and the EU average (12.6%). (2) Exit age: the lowest in the group. Men leave employment at 61.9 in France, against 64.2 in Germany, 64.0 in Italy and 63.9 in the EU (OECD, 2024). (3) Living standards: among the most favourable. The median income ratio of people aged 65 and over (0.97 in 2025) exceeds Germany's (0.83) and the EU's (0.91), behind Italy (1.00) and Spain (1.06).
The main gap with northern countries lies in the employment of 60-64-year-olds: 44.4% in France against 67.6% in Germany in 2025. This age bracket is where most of the effect of age reforms plays out.
International comparison — pensions
| Country | Pension spending (% of GDP, 2024) | Effective exit age M / W (2024) | Employment of 60-64-year-olds (2025) | Median income 65+ / under 65 (2025) |
|---|---|---|---|---|
| Germany | 11.7% (prov.) | 64.2 / 63.9 | 67.6% | 0.83 |
| Italy | 15.9% | 64.0 / 62.6 | 50.4% | 1.00 |
| Spain | 13.2% | 62.4 / 63.0 | 53.0% | 1.06 |
| European Union | 12.6% (prov.) | 63.9 / 62.7 | 55.0% | 0.91 |
| France | 15.0% | 61.9 / 62.4 | 44.4% | 0.97 |
Sources: Eurostat (spr_exp_pens, ESSPROS scope; lfsa_ergan; ilc_pnp2), OECD (Pensions at a Glance, average effective age of labour market exit) — latest realized values available. The United Kingdom has not been covered by Eurostat since 2018 and is therefore not shown in this table.
Data used (data-journalism base)
Show the table
| Data | Value | Source |
|---|---|---|
| Pension spending (ESSPROS) | 15.0% of GDP (2024) | Eurostat spr_exp_pens (Citoyen card) |
| Spending of mandatory schemes | 13.9% of GDP (2024) · 14.1% estimated (2025) | COR, June 2026 (Citoyen card) |
| Pension system balance | −0.06% of GDP (2024) · −0.17% estimated (2025) | COR, June 2026 (Citoyen card) |
| Period average retirement age | 62.95 years (2024) | COR (Citoyen card) |
| Effective exit age (men / women) | 61.9 / 62.4 years (2024) | OECD Pensions at a Glance (Citoyen card) |
| Employment rate 55-64 / 60-64 | 61.7% / 44.4% (2025) | Eurostat (Citoyen card) |
| Retirees' standard of living / population | 100.2% (2023) | COR (Citoyen card) |
| People aged 20-64 per person 65+ | 2.62 (2023) · 1.62 projected (2070) | INSEE via COR (Citoyen card) |
Sources (national analyses and references)
Conseil d'orientation des retraites (annual report of 11 June 2026, reference scenario) · Comité de suivi des retraites (opinion of 9 July 2026) · Drees (Les retraités et les retraites) · INSEE (population projections) · Law no. 2023-270 of 14 April 2023 · 2026 social security financing act (article 105) · 2027 social security financing bill · Assurance retraite (Cnav) · Agirc-Arrco · Eurostat (ESSPROS, Labour Force Survey, EU-SILC) · OECD (Pensions at a Glance, SOCX).
Methodological note — the synthesis distinguishes sourced facts from assessments, stays neutral (presents debates rather than settling them), dates every figure, and does not extrapolate beyond the sources. All values are the latest realized observation available; COR projections (reference scenario) are flagged as such and never presented as outcomes. Eurostat (ESSPROS), OECD (SOCX) and COR (mandatory schemes) measures have different scopes and are never added up or compared as a single series. Same safeguards as the rest of the observatory.