FRANCE - Almost two million people have signed up for the common retirement savings plan Plan d'épargne retraite populaire (PERP), according to the latest figures released by the French government.
Although the data only covers up to the end of 2006, it shows a 12% rise in PERP and a 98% rise in PERCO participation over the previous year. The majority of plan members come from professional classes, the data said.
2006 saw €9.9bn (US$15bn) of inflows into the schemes, against €4.2bn of retirement benefits paid out. At the end of 2006, the total balance of the schemes was €97.7bn.
The defined contribution (DC) schemes were created following reforms to the French pension system in 2003 by François Fillon, minister of social affairs, work and solidarity at the time.
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