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French people need to work more to boost growth, minister says
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PARIS (Reuters) – People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and
PARIS (Reuters) – People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and social security payments.
The government is examining reforms to speed up its sluggish economic growth, although changes to work practices are often opposed by trade unions.
“On average, a French person works clearly less than his neighbours, over the course of a year,” Armand told C News TV.
“The consequence of this is fewer social security payments, less money to finance our social models, fewer tax receipts and ultimately fewer jobs and less economic growth.”
France, the euro zone’s second biggest economy, wants to cut its public deficit to a targeted 5% of GDP by 2025.
The country’s 35-hour work week, introduced in 2000, has typically been fiercely defended by trade unions, while reforms to France’s pension system have also faced widespread protests.
Let’s all work a bit more, collectively speaking, starting off by making sure that everyone respects the working hours that they have been given, in all sectors,” Armand said.
(Reporting by Sudip Kar-Gupta; Editing by Bernadette Baum)
Employment opportunities refer to the availability of jobs in the market for individuals seeking work, which can be influenced by economic conditions and industry growth.
Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured by the rise in GDP.
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