The increase of pensions is regulated by Article R6527.48 of the French Transport Code:

On 1st January of the year N, pensions are revalued by the percentage change in the Consumer Price Index (CPI), for the whole of France, ex-tobacco, published by the Institut National de la Statistique et des Etudes Economiques (INSEE) betwee November of year N-1 and November of year N-2.

On January 1, 2025, % change CPI Nov 2024/CPI Nov 2023 = 118.66/117.33 = 1.13%

In practice

Upon liquidation, pensions are calculated using the Corrected Salary Variation Index (IVSC). Another index, the Pension Variation Index (PVI) is subsequently used for their revaluation.

The PVI is adjusted each year according to the pension revaluation rate mentioned above.

By decision of the Board of Directors, the pension variation index is expressed with four decimal places.

• PVI 2024 = 45.2611
• PVI 2025 = 45.2611 X (118.66/117.33) = 45.7742