French Senate Approves Macron’s Pension Reform as Strikes Continue
<p>If enacted into law, France will see its minimum retirement age rise to 64 from 62. It would also increase the number of years people have to make contributions in order to receive a full pension.</p>
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France’s senate has voted to approve a controversial reform to pensions, hours after people took the streets again to oppose the cornerstone policy of Emmanuel Macron’s second presidential term.
The reforms passed by 195 votes to 112, and are a step closer to becoming law. The draft will now go to committee stage, before it reaches the senate and national assembly for a final vote.
French prime minister, Elisabeth Borne, remarked that this an important step had been taken, since the pension reform secured a broad vote in the senate. She added that she the government had a parliamentary majority to get the reforms passed into law.
Should the government fail to secure the necessary majority, the French prime minister could make use of what is known as 49:3 procedure – a rarely and highly controversial constitutional tool – to push the legislation through without a vote.
If enacted into law, France will see its minimum retirement age rise to 64 from 62. It would also increase the number of years people have to make contributions in order to receive a full pension.
The proposed measures have been strongly opposed by unions, and hoped that Macron’s government would back down. However, Saturday’s protests against the reform were far smaller than some previous ones.
The French unions called on the government to organise a “citizen’s consultation” as soon as possible in a joint statement. They also said they plan to keep up the pressure with an additional day of nationwide strikes and protests planned for Wednesday.
Critics have highlighted that women, especially mothers, are at a disadvantage under the proposed law.
<img src="https://www.mtlblog.com/media-library/snowfall-in-a-montreal-street-winter-scene-of-traditional-architecture-winter-street-in-montreal-with-traditional-style-archi.jpg?id=56479841&width=1200&height=800&coordinates=132%2C0%2C132%2C0"/><br/><br/><p>With real estate prices perpetually rising, you probably don't need us to tell you that buying a home in Montreal in 2025 isn't cheap. </p><p>But according to <a href="https://wealthvieu.com/ca/income-afford-home/" target="_blank">WealthVieu’s latest income-to-afford-a-home report</a>, most buyers now need a six-figure salary to afford one — especially single-family homes. </p><p>The report, which has been updated with January 2025 mortgage rates and home price data, breaks down how much income it takes to afford a median-priced home across Montreal and nearby areas like Laval and the South Shore.</p><p>According to Wealthvieu, Montreal's housing market kicked off the year with a 36% increase in sales compared to January 2024. At the same time, the median price for single-family homes rose 11% year-over-year, nearing the $600,000 mark. Condos and plexes (2-5 unit buildings) also saw price jumps of 8%, with median prices nearing $450,000 and $800,000, respectively.</p><p>With all that in mind, here's how much income you need to buy a single-family median-priced home in and around Montreal this year:</p><h2>Single-family homes (January 2025)</h2><ul><li>Montreal census metropolitan area (CMA): $143,136 for a $590,700 home</li><li>Island of Montreal: $185,367 for a $791,500 home</li><li>Laval: $142,989 for a $590,000 home</li><li>North Shore: $132,358 for a $539,450 home</li><li>South Shore: $144,882 for a $599,000 home</li><li>Saint-Jean-sur-Richelieu: $126,585 income for a $512,000 home</li></ul><p>If a house feels out of reach, a condo may be a more affordable option. And in some areas, you can still get one with a five-figure income.</p><h2>Condos (January 2025)</h2><ul><li>Montreal CMA: $107,236 for a $420,000 condo</li><li>Island of Montreal: $116,911 for a $466,000 condo</li><li>North Shore: $93,146 for a $353,000 condo</li><li>South Shore: $100,927 for a $390,000 condo</li></ul><p>WealthVieu's data also breaks down what it takes to afford a home on a $100,000 salary. Following the 28/36 rule, you could manage a $2,163 monthly mortgage payment, which would allow you to buy a $430,438 home with a $50,000 down payment.</p><p>For context, As per <a href="https://www.mtlblog.com/tag/statistics-canada" target="_blank">Statistic Canada</a>, the <a href="https://www.mtlblog.com/quebec-salary-2025" target="_blank">average weekly earnings in Quebec</a> were $1,229.18 in November of 2024, which works out to about $63,917 per year before taxes. That's less than the national average of $1,285.91 per week (about $66,867 annually).</p><p>Curious what your dough can get you, <a href="https://wealthvieu.com/ca/mortgage-affordability-calculator/?a=110000&b=645&c=80000&d=7.013714113461678&e=30&f=36&g=0&h=0&i=0&j=0" target="_blank">WealthVue's home affordability calculator</a> can help you figure out what fits your budget.</p><em>Love this? Check out our <a href="https://www.mtlblog.com/notices/" target="_blank">MTL Blog noticeboard</a> for details on jobs, benefits, travel info and more!</em>
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