Protesters entered the building that houses BlackRock's office in Paris on Thursday, protesting against the French government's pension reforms. Roughly 100 demonstrators, including members of various labor unions, chanted anti-reform slogans on the ground floor for about 10 minutes. BlackRock's office is located on the third floor. The protest, which marks the eleventh day of nationwide protests against the government's plan to increase the retirement age from 62 to 64, was aimed at the world's largest asset manager due to its work for private pension funds. While the French government has invoked special constitutional powers to push the legislation through parliament, workers have expressed their frustration at the reforms due to rising living costs.
France's largest confederation of unions, CGT, has attributed many issues to capitalism, denouncing it in the ongoing protests. A series of rolling strikes in France, starting from the beginning of the year, has led to significant disruptions to transportation services, schools, and businesses. The protests on March 23 resulted in the arrest of at least 80 people, and 123 police officers were injured as demonstrators set fires, launched smoke bombs, and damaged property.
To ensure safety, the interior ministry has deployed 11,500 law enforcement officers across the country. Although France's new retirement age is lower than many other developed economies, which have a retirement age of 65 or higher, state pensions in France are more generous, with the country's spending on state pensions amounting to nearly 14% of GDP in 2018, which is larger than most other countries, according to the Organization for Economic Cooperation and Development.