Retirement Plans in France: What Employees Expect from Employers
It’s not often that a study really captures what we see on the ground, the first retirement barometer published by Crédit Agricole Assurances and IFOP does exactly that.
It shows how expectations are shifting: in France, employees no longer see retirement as a purely individual responsibility. Three out of four expect their company to play an active role in helping them prepare for it.
That may sound natural to a French audience — but for many international employers, especially those coming from the U.S. and used to the 401(k) model, it still requires a change of perspective.
It’s not often that a study really captures what we see on the ground, the first retirement barometer published by Crédit Agricole Assurances and IFOP does exactly that.
It shows how expectations are shifting: in France, employees no longer see retirement as a purely individual responsibility. Three out of four expect their company to play an active role in helping them prepare for it.
That may sound natural to a French audience — but for many international employers, especially those coming from the U.S. and used to the 401(k) model, it still requires a change of perspective.
A clear social expectation
The numbers speak for themselves: 73% of French employees are worried about their retirement, and 90% believe it is necessary to build additional savings.
At the same time, 75% expect their employer to be involved, while 81% of companies recognise they have a role to play. Yet only 38% have actually implemented a group retirement plan, most often a PER Collectif (PERCOL) or a PER Obligatoire.
This gap between awareness and action says a lot — especially for foreign companies operating in France.
The professional segment most aware of the issue
Most of our clients employ highly qualified professionals — engineers, sales leaders, data specialists.
In the IFOP data, this population (“CSP+”) is more informed, less anxious, and more disciplined in their financial habits.Two-thirds already save for retirement, compared with just over half overall.
But they still expect structure — a framework that helps them plan. The question for them isn’t whether they’ll have enough, but how to organise it intelligently.
And that’s precisely where the PER Collectif or PERCOL makes sense: flexible, tax-efficient, and consistent with the French idea of shared responsibility between employer and employee.
A signal of cultural maturity
For international employers, staying silent on retirement benefits is increasingly out of tune with employee expectations. A company offering only the statutory pension and a health plan is no longer seen as competitive — even when salaries are high.
A modest employer contribution to a group PER, even voluntary and capped, sends a strong message: we understand how things work here, and we want to take part in it.
Culture, not cost
Many American leaders hesitate because of “labour costs.” But in France, this is as much about culture as about numbers. The study shows that 56% of HR leaders who introduced a retirement plan did it to retain their employees, while 31% saw it as a recruitment tool.
A well-structured plan can be close to cost-neutral once fiscal advantages are factored in — yet its symbolic value is huge. With the 2025 “Prime de Partage de la Valeur” now in force and long-term savings back in public debate, retirement benefits are becoming a new marker of employer maturity.
Critical insight — Reading beyond the survey
The IFOP barometer is a strong reference, but it reflects a mainstream France — mid-sized companies, traditional industries. It under-represents the globalised, high-skilled population we work with every day.
For these employees, the issue is not awareness or anxiety — it’s about clarity, structure, and fiscal logic. And for international employers, the challenge is understanding that benefits are not just financial tools, but cultural signals.
At KMH Benefits, I’ve always wanted to use the DNA of KMH — the mix of financial expertise, empathy, and cultural translation — to help employers navigate these questions.
We are now developing a financial education programme to help companies and employees approach these topics in a practical and accessible way: savings, retirement, and long-term planning.
This initiative is supported by KMH for Life, our sister company’s expertise centre, and connects with the monthly market reviews written by Arnaud, which keep our clients informed about what’s happening in the financial world.
His latest piece — Investors bet on innovation and growth — is a good example of how we bridge financial insight and real-world HR decisions.
Source:
Crédit Agricole Assurances / IFOP, “La retraite vue des Français et des entreprises” (October 2025).
In practice: understanding the difference between PER Collectif (PERCOL) and PER Obligatoire
In France, both are retirement savings tools, but they serve different purposes:
• PER Collectif (PERCOL) – part of employee savings (épargne salariale).
- It’s open to all employees on a voluntary basis, funded by participation, profit-sharing, time savings or voluntary contributions.
- The employer may add matching contributions.
- At retirement, the employee can choose between a lump sum or an annuity.
- It’s flexible, inclusive, and designed to encourage long-term saving.How does the collective retirement savings plan (PERCO) work ?
• PER Obligatoire (or PER d’entreprise obligatoire) – an insurance-based, mandatory plan (formerly “Article 83”).
- It applies to one or more employee categories — typically managers or executives — with compulsory employer (and sometimes employee) contributions.
- Funds are locked until retirement and paid out as an annuity only.
- It’s a true additional pension scheme, closer to a defined contribution plan.How does the individual retirement savings plan (PER) work?