France Considers Letting Workers Withdraw Up to 5,000 Euros of Employee Savings Tax-Free
Exceptional release of up to 5,000 euros in employee savings without tax in France: a bill backed by Senator Olivier Rietmann, approved by the Senate in April, would let workers access the funds to boost purchasing power, according to a French publisher report.
Exceptional release of up to 5,000 euros in employee savings without tax in France, Digi Mart USA News (France): A bill sponsored by Les Républicains senator Olivier Rietmann would allow an exceptional release of employee savings of up to 5,000 euros. The measure, which aims to increase French households’ purchasing power, was approved by the Senate in April by 230 votes to 111.
Serge Papin, minister for small and medium-sized enterprises, commerce, crafts, tourism and purchasing power, supports the measure. On RMC on Monday, November 9, he said the criteria for accessing these savings should be relaxed.
“I am in favor of a freedom measure,” he said, adding that employees who want to take their employee savings now rather than wait should be able to do so without taxation.
Papin said the bill was proposed in the National Assembly on Monday, November 16. Employees holding employee savings could use the 5,000 euros “to invest in electric vehicles, for example.” The publisher report states that more than four million employees would be affected.
The idea is not new. The Borne (2022), Ayrault (2013) and Fillon (2008) governments previously authorized similar exceptional releases, also for purchasing power reasons.
On September 8, Prime Minister Sébastien Lecornu said on X that he supported the proposal, which would allow exceptional release of up to 5,000 euros of employee savings without tax or social contributions.
“Our line is simple: no question of taking more from employees’ savings. We want instead to give them more freedom to dispose of their own money,” Lecornu said.
He added at that time that the bill would be placed on the National Assembly agenda and examined before the end of the year. According to the report, that step has now been taken.
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