French President Nicolas Sarkozy refused Wednesday to retreat on pension reform, saying that it was "out of the question" to reduce the minimum retirement age below 62.

People protest against the retirement reform in Paris, France, Sept. 7, 2010. French labor unions leading a nationwide strike against retirement reform hailed on Tuesday the success of the largest demonstration aimed at forcing the government to bow to the streets' call. About 2.5 million people participated in the strike across the country. [Ying Qiang/Xinhua]

According to a statement from the Elysee Palace following the weekly cabinet meeting, Sarkozy repeated his firmness on this issue to his ministers.

He laid out the difficulties burdening the present retirement system, saying France was "at a time when one pension out of 10 is financed by debt," therefore the reform was one of the most important programs for the country.

Sarkozy said he understood the concerns behind a massive strike on Tuesday, pension reform was "essential".

Called by major labor unions, about 2.5 million people went on strike across France on Tuesday protesting the ongoing pension reform.