Among the bills that should survey the spans of the National Assembly this summer, the one centered around the sharing of value arouses particular interest. Before entering the hemicycle, the text will be presented this Wednesday, by Olivier Dussopt, in the Council of Ministers. It should faithfully reflect the points mentioned in the National Interprofessional Agreement (ANI) signed on 10 February 2023 by employers and unions. In a context where wages are difficult to keep up with inflation, and where some point to the disproportion between the salaries of big bosses and those of workers, the government's desire is therefore to respect an agreement that Bruno Le Maire described as "a decisive social advance", by offering it a legal framework. On the basis of this document, it is possible to draw the contours of the draft law on the sharing of value.
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Generalization and simplification of devices in the smallest companies
The law will promote the implementation of value sharing in companies with at least 11 employees and less than 50 employees. From 1 January 2025, if the latter are companies whose net profit is greater than 1% over 3 years in a row, they will have to set up at least one value-sharing scheme. These redistribution mechanisms will also be more flexible: they will adapt better in the event of exceptional results and will take greater account of workers with flexible working hours or on parental leave. The inclusion of CSR criteria in profit-sharing and participation objectives will be discussed, so that employees' vision of companies' performance is not reduced to a purely financial aspect.
The inclusion of the value-sharing bonus in the field of value sharing and employee savings will also be in line with this simplification. It should be noted that companies will have to negotiate the modification or creation of mechanisms within their social and economic committee (CSE) in agreement with their union representatives, or as part of discussions within their professional sector.
Democratization of employee share ownership
The text will simplify the implementation of employee share ownership in structures where it is legally possible via a "Plan for sharing the valuation of the company": concretely, it is a bonus indexed to the valuation of the company over a period of 3 years. It will allow employees to be more concerned by the evolution of the company. The premium may also be indexed to the company's accounting results, if the latter is not listed.
The development of employee share ownership in companies will also require better access to information for workers: better communication on the mechanisms for managing and remunerating shares will be requested from companies. The latter will also have to make their employees aware of the risks involved in acquiring their shares, as can be the case with the simultaneous loss of the employee's job and shares in the event of the company's bankruptcy. The project will strengthen the attractiveness of corporate mutual funds invested in company securities (FCPE d'actionnariat), which allow, among other things, employees to limit their risk of capital loss by benefiting from shares at reduced prices and tax advantages on the gains related to these shares. A larger portion of companies' capital should also be open to employees.
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Improvement of employee savings plans
The text should, in addition, facilitate access to employee savings by removing the ceiling on the contribution to PEE and PER for employees, where they are limited to 2% of the annual social security ceiling (PASS) nowadays. All within the framework of a greening of savings, more focused on investment in the energy transition: fund managers will have to offer at least two funds taking into account these so-called extra-financial criteria. The text will also offer more freedom to employees, allowing them to unlock funds from their savings plans more easily for certain types of expenses: energy renovation, help to a loved one or acquisition of a "clean" vehicle.
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It remains to be seen whether this bill will also include external additions to the National Interprofessional Agreement, and how it will be received at the Palais Bourbon this summer.