Europe's 5 most generous pension systems
The strikes roiling France right now are about government plans to raise the retirement age from 60 to 62 and the pension age, which determines when people can begin accessing their pension funds, from 65 to 67. France is not the only country facing a budget crunch partially because of its generous pension system. Here are five examples.
In Luxembourg, the average earner receives 98.1 percent of his average net income (after taxes) back. People become eligible for their pensions after 40 years of contributions. For most, that is at age 65, but pensions are available beginning at 60 (and some are able to draw early pensions at 57). That comes out to EUR 43,600 a year (about $54,800 a year), or about 10 percent of the average citizen's earnings. Pension spending is 7.2 percent of annual GDP.