What are the statutory pension benefits in France?

In France, statutory pension benefits consist of three main components:

• Legally-mandatory basic schemes: This refers to Social Security, where eligibility is determined by the years worked and the employee's age. The basic pension allowance falls under this scheme.

• Supplementary schemes: This includes AGIRC-ARCCO, which is mandatory for all employees since 2019. It is a points-based system where employees accumulate points annually based on their reference salary. The total points determine the complementary pension allowance upon retirement.

• Collective or individual retirement savings schemes: Employees may also participate in schemes like PERE or PERCO through their company, although these are not offered under Velocity Global France.

As part of a reform effective September 1, 2023, the legal retirement age is increased to 64 years for individuals born from 1968 onwards. For those born before 1968, the legal retirement age is gradually rising from 62 to 64 years.