The supplementary pensions of the 13 million former employees of the private sector will be revalued by 1% as of November 1, or 0.5 point less than inflation, the Agirc-Arrco pension scheme announced on Thursday. Unions and employers, who manage the pension fund for private sector employees, have “decided to apply a 0.5 point difference” compared to the latest inflation forecast (excluding tobacco) from INSEE, indicated the ‘Agirc-Arrco in a press release.
The social partners have therefore chosen to use all the latitude they gave themselves in the last agreement concluded in July between the three employers’ federations (Medef, CPME, U2P) and two employee organizations (CFDT, CFTC ). This amendment gave the plan’s board of directors “greater leeway than that initially planned”, set at 0.2 points since 2019.
A deficit of more than 4 billion euros in 2020
The assumed objective is to restore the “equilibrium trajectory” undermined by the Covid-19, which caused a deficit of more than 4 billion euros in 2020. A loss which prevents Agirc-Arrco from respecting its “golden rule”: always keep it 6 months in advance over a 15-year horizon. If, however, inflation ultimately turns out to be above 1.5% in 2021, “an automatic catch-up” is expected during the next revaluation, in November 2022.
“It is in accordance with what we signed, there is no surprise”, reacted Pascale Coton (CFTC), relieved “that we do not touch the social action fund of the regime, which has helped many retirees in difficulty during the health crisis ”. Conversely, Michel Beaugas (FO) voted against this under-indexation, criticizing an “instrumentalisation of the level of reserves” and recalling that “companies have not participated in the balance of the regime for ten years”.