Trying to break out of a prolonged political crisis, Prime Minister Sébastien Lecornu of France on Tuesday proposed suspending an unpopular pension overhaul that raised the retirement age until after the next presidential election in 2027, and renegotiating it.

The move, made in a speech to lawmakers, was a major concession by Mr. Lecornu to the Socialist Party, whose support he needs to survive no-confidence votes that threatens to topple his cabinet for a second time in less than two weeks.

It was also a reflection of the diminished stature of President Emmanuel Macron, who made the pension overhaul a cornerstone of his second term. He pushed the measure through in 2023 despite major protests. But he now faces record levels of unpopularity and is struggling to bring intense political turmoil under control.

“Is the government ready for a new debate on the future of our pension system? The answer is yes,” Mr. Lecornu told the lower house of Parliament.

The overhaul aimed to raise the age when workers can start collecting pensions, long set at 62, by three months every year until it reached 64 in 2030. Mr. Lecornu said that under his proposal, which will be examined by Parliament, that process would wait until Jan. 2028. Mr. Lecornu’s proposal would also suspend a planned increase in the number of years that workers must pay into the system to get a full pension.

But Mr. Lecornu insisted that the cost of suspending the pension overhaul be compensated by budget savings. He estimated that price at 400 million euros in 2026, or about $462 million, and 1.8 billion euros in 2027, or more than $2 billion.