Infotech Purchasing power: who really benefits from the Macron bonus?

Purchasing power: who really benefits from the Macron bonus?




Mathieu Plane is Deputy Director of the Analysis and Forecasting Department of the French Economic Observatory (OFCE).

This is the most contested measure of the bill on purchasing power: the “Macron bonus” sees its ceiling tripled. But it is paid only if the employer decides so… Does it benefit the greatest number?

Since its establishment in 2018, a total of 8 billion euros have been paid. This is the equivalent of 0.3% of remuneration over the same period. At the macroeconomic level, this remains very marginal [en 2019, 4,8 millions de salariés ont perçu en moyenne 401 euros, selon l’Insee, NDLR].

National Assembly passes purchasing power bill after heated debate

If it’s marginal, why is this premium causing so much debate?

It was set up to support purchasing power after the “yellow vests” crisis. But it was not intended to become permanent. It was a bounty one-shot, intended to respond to a specific problem. Then there was the Covid shock and the bonus was renewed in order to support household income. Then, during the presidential campaign, the issue of purchasing power came to the fore. And one of the ways to give purchasing power without weighing too much on public finances is this kind of tax-exempt premium. Except that the risk is that the bonus comes to replace salary increases.

How is this bonus likely to replace salary increases?

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