France pension reform protesters briefly invade Paris BlackRock building

Dozens of trade unionists railing against French President Emmanuel Macron’s pension overhaul briefly invaded the central Paris building in which US-based investment firm BlackRock has an office, chanting slogans and setting off firecrackers.

The union action in the historical Centorial building near Paris’ Grand Boulevards area, targeted BlackRock because of its private pension fund activity, protester Françoise Onic, 51, told Reuters.

“The government wants to throw away pensions, it wants to force people to fund their own retirement with private pension funds, but what we know is that only the rich will be able to benefit from such a setup,” Onic, a school teacher, added.

The action came on an 11th day of nationwide union-organized strikes and demonstrations against the government’s plan to increase the retirement age by two years to 64.

BlackRock did not immediately respond to a request for comment. Thomson Reuters has an office in the same building.

Unlike many other European countries in which pensions are at least partially financed by private pension funds, France has a system whereby the contributions of those who are currently working directly fund the pensions of those now in retirement.

The government says change is needed to keep the pension system in the black.

Loudly singing the French anti-pension reform protester’s favorite slogan “On est la” (“we are here”) the demonstrators left the building after about half an hour, leaving its large atrium filled with acrid smoke from the firecrackers.