Report
Who bears the cost of France’s higher public pension spending?
Public spending on pensions is significantly higher (as a percentage of GDP) in France than in the other euro-zone or OECD countries. Th is additional public pension spending in France is inevitably taken from other areas of public spending or from household incomes or corporate profits (through a higher tax burden). We note that the gap between the pension share of GDP in France and in the other euro-zone or OECD countries is above all offset by a higher level of corporate social contributions in France (and to a lesser degree by direct corporate taxes, including the CSG general social contribution). This choice is clearly negative for employment.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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