On April 6, 2023, a group of demonstrators entered the building housing BlackRock’s Paris office to protest against the French government’s proposed pension reforms. The protesters, carrying torches and red smoke bombs, were filmed on social media as they entered the Centorial building near the Opera Garnier. Around 100 people, including representatives of several unions, entered the building and remained on the second floor for about ten minutes, chanting slogans against the reforms. BlackRock’s office is located on the third floor of the building.
French union SUD spokesman Jérôme Schmitt told BFM-TV that the aim of the demonstration was to tell BlackRock that “workers’ money for our pensions is being taken by them.” BlackRock, the world’s largest asset manager, declined to comment.
Nationwide protests against the French government’s proposal to raise the retirement age for most workers from 62 to 64 have entered their eleventh day. The government activated special constitutional powers last month to push the controversial legislation through parliament without a vote.
The reforms mean that, starting in 2027, people will have to work longer to receive full state pension benefits. Although BlackRock has not been involved in the pension reforms, workers targeted the company because of its work for private pension funds, according to protester Francoise Onic, a teacher who spoke to Reuters.
The protesters argue that the reforms are unnecessary and that raising the retirement age in France will negatively affect workers’ standards of living, especially when the cost of living is rising in the country. Inflation in France declined last month, but food price inflation accelerated.
The protest action has caused major disruptions to transportation services, schools, and businesses since the beginning of the year, and at least 80 people were arrested and 123 police officers were injured during the protests on March 23. France’s CGT union has denounced capitalism as the cause of many problems. France’s Interior Ministry said 11,500 law enforcement officers would be deployed across the country on Thursday to maintain order during the protests.