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France approves social security budget but still lacks a state budget
The National Assembly has adopted the social security budget (PLFSS) after tense negotiations. This 'social security budget' is a French peculiarity: it is somewhat artificial because it includes taxes beyond the scope of the social security system and also counts direct transfers from the state budget. In most countries, there is only one consolidated budget that incorporates social security, but France has retained two separate texts—the PLFSS for social security and the PLF for the state budget. The PLFSS for 2026 suspends the 2023 pension reform (costing €300 million in 2026), introduces a 3% increase in ... (full story)
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- Dec 10, 2025 2:13am Posted byFundamental Analysis13,550
