What would the "universal" time savings account change in workers' lives?

Ophélie Artaud 18:00 pm, March 21, 2023

It was a campaign promise of candidate Macron during the 2022 presidential elections: the establishment of a "universal" time savings account for all employees. The measure could be put back on the table during discussions around the future labor law, which the government should look at after the pension reform. But what is this time savings account and what would it change for workers if it became "universal"?

Only one in 10 private sector employees benefits

Concretely, the time savings account (CET) already exists for a small part of employees and makes it possible to accumulate rest days from paid leave or unused RTT but also money from different remunerations (13th month, seniority bonus, salary increase...). The leave or the amount of money deposited in the CET can then be taken or recovered later, in the form of rest days or salary supplements. Similarly, the accumulated money can be transferred to a retirement savings plan. It should be noted that the amounts collected through the CET do not escape income tax when the duties are monetized.

The CET is a system for the moment very little implemented, especially on the side of the private sector where only one employee in 10 would benefit, mainly in large groups. Because it is not mandatory within companies, and must be determined by a collective agreement.

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If it is for the moment too early to know the contours of this measure, during his campaign, Emmanuel Macron advanced a "universal" time savings account, but also "portable" and "monetizable". "Universal", because employees in all sectors could benefit from it; "portable", because employees could keep them throughout their careers, even if they change employers; and "monetizable" because the balance available on the CET could be transformed into employee savings and, regardless of the company's collective agreement or agreement.

A way to contribute to well-being at work?

The universal CET could still be difficult to implement in some companies, especially the smallest because if an employee decides to take a long period of leave at once, it could be complicated for the employer.

But on the side of employees, the CET can be advantageous not to lose the days of leave that could not be taken during the year, but also to supplement their remuneration when they wish. The accumulated days can make it possible to gradually reduce their activity, for example before retiring.

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A system that could contribute to well-being at work, a major subject while 44% of French employees would be in a state of psychological distress, according to a study by psychologists from the firm Empreinte humaine.

But for Emmanuel Macron, this measure could also be a way to renew the dialogue with the unions, after the heated debates around the highly contested pension reform. The CFDT has been campaigning for the establishment of the CET for several years. It remains to be seen whether the "universal" nature of this system will be retained during the discussions around the labor law.