Scores of videos of French protesters invading the Paris building that houses US-based investment firm BlackRock’s office, have gone viral on social media. The videos show hundreds of protesters storming the historical Centorial building near the Grand Boulevards area. The French people are protesting against President Emmanuel Macron’s pension overhaul.
One can see hundreds of demonstrators singing ‘On Est La’ (we are here) in the videos as they storm the building, and eventually leaving with the atrium filled with smoke from firecrackers.
While BlackRock had nothing to do with the pension policy overhaul, they were targeted for its private pension fund activity, as per protesters. The common disagreement with the pension overhaul is that only the rich are likely to benefit from the new setup.
WHAT IS HAPPENING IN FRANCE?
The nationwide union-organised strikes and demonstrations, that reached its 11th day, protested the government’s plan to increase retirement age by two years from 62 to 64, which essentially means that people will have to work longer to receive the state pension benefits.
The Macron-led government wants to prevent a looming funding deficit with the change in pension policy. However, French people are unwilling to accept the reform that has come at a time when living costs have shot up. Additionally, while inflation fell last month, food price inflation accelerated.
France’s system funds the pensions of the retired through the contributions of the working people. The government says change is needed to keep the pension system in the black.