Pension Reform Protesters Attack BlackRock's Paris Office

  

In continuous countrywide demonstrations against raising the retirement age, demonstrators target the largest asset managers in the world.

 

In opposition to the government's pension changes, protesters stormed BlackRock's Paris office on Thursday, brandishing red flares and hurling smoke bombs. There were about 100 participants in the protest, which was held in the Cantorial office building close to the Opéra Garnier opera house. Among them were union representatives from different organizations.

 

Social media users posted videos of protesters entering the building, where BlackRock's office is on the third floor, and chanting anti-reform slogans. Before departing, the demonstrators stayed on the building's bottom level for around 10 minutes.

Jerome Schmitt, a spokesman for the French union SUD, told CNN affiliate BFM-TV that the protest's goal was to alert BlackRock to the fact that they were stealing workers' pension funds. The business chose not to comment on what happened.

The demonstration is part of a national movement that has been going on for 11 days against the French government's proposal to raise the retirement age for the majority of workers from 62 to 64. Workers were outraged by the government's recent use of extraordinary constitutional powers to get the contentious legislation through parliament without a vote at a time when living expenses are growing.

 

Since the changes, people will need to put in more time at the office before 2027 in order to qualify for the full state pension benefits. The new retirement age will still be below the average in Europe, where the age at which full pension benefits apply is 65 and is steadily advancing towards 67. Nonetheless, public pensions in France are more substantial than in many other nations.

The largest asset manager in the world, BlackRock, has not contributed to the pension changes. According to protester and teacher Françoise Onic, who spoke to Reuters, workers targeted the firm because it worked with private pension funds.

 

Delegates of CGT, the largest union organization in France and a significant participant in the protests, have criticized capitalism as the root of many issues. From the beginning of the year, nationwide rolling strikes have severely disrupted businesses, schools, and transportation systems.

 

At least 80 individuals have been detained and 123 police officers have been hurt as a result of the protests' occasional turn to violence on March 23. During the commotion, protesters destroyed property by setting fires and throwing smoke bombs.

a bomb, Because of a steep slowdown in energy price increases, French inflation dropped last month from a record in February, while food price inflation picked up speed. According to the government, the pension law is vital to stop an impending budget gap.

 

According to the Organization for Economic Cooperation and Development, the nation's spending on public pensions is still substantial despite the protests, coming in at about 14% of GDP in 2018. This is more than in the majority of other nations.

 

11,500 law enforcement personnel would be deployed across France on Thursday to handle the protests, according to the interior ministry of France.

A episodes in the ongoing drama of demonstrations against the French government's pension changes may be found in the incident at BlackRock's Paris office. Thousands of individuals have taken to the streets in recent months in an effort to oppose the movement in a serious way.

 

Protesters claim they are forced to take radical action and are angry with the government's decision to push the law through parliament without a vote.

 

The demonstrations have seriously disrupted the nation's operations, affecting businesses, schools, and transportation. The majority of the protests have been peaceful, but there have been several incidents of violence and destruction, necessitating a significant police presence at each gathering.

Many employees are still dubious despite government arguments that the measures are required to avoid a budget shortfall. The fact that people would need to work longer starting in 2027 to earn their full state pension benefits as a result of the new retirement age of 64 has outraged many who feel they have already contributed enough to the system.

 

With approximately 14% of GDP spent on state pensions in 2018, France already spends far more on pensions than the majority of other nations. Others have questioned whether the adjustments are required because the country's pensions are more generous than elsewhere.

BlackRock's participation in the demonstration has drawn some criticism as well due to the corporation being singled out for its engagement with private pension funds. Even if the corporation hasn't participated in the government's changes, the workers have regarded it as a representation of the larger problem, which they see as an assault on their right to a dignified retirement.

Many people argue that capitalism is the root of many of the nation's issues, which has led to broader questions about the role of capitalism in society as a result of the demonstrations. CGT representatives, prominent protesters, and the head of France's largest union confederation have been outspoken in their criticism of the current economic system and demand for a more fair distribution of wealth.

It is yet unclear if the administration will cave into the demonstrations or if the employees will have to continue their uphill battle. Whatever the conclusion, the problem has brought to light the widespread rage and despair felt by many French people who believe they are being left behind by a system that is not working to help them.