Philippe said in a letter to unions and employers that he was prepared to withdraw plans to raise the retirement age for full pension benefits by two years to 64 if certain conditions were met.
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He made the concession after talks between the government and trade unions to break the deadlock failed on Friday.
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Philippe aims to present the reform bill on Jan. 24 so that it can be discussed in parliament starting in mid February with the aim of passing a law before the summer break.

He said in the letter he expected unions and employers to agree on how to ensure the long-term financing of the pensions system in April. If they failed to agree, the government would pass decrees guaranteeing the pension system is [solvent] by 2027, he added.