These figures are before tax. Taxation does not call into question the value of these schemes, but it varies with the instrument, the amount of the gain and the timing of the exit.
01Entering the company savings plan: discount and employer matching
The discount granted on the share price, capped at 30% (40% where the shares are locked in for at least ten years), is not subject to income tax, provided the shares remain locked in the plan (PEE).
The employer’s matching contribution is exempt from income tax and social security contributions. It is, however, subject to CSG and CRDS at 9.7% when paid, and the company may owe the forfait social, depending on its headcount.
02Leaving the company savings plan: social charges
On release, gains made within the PEE are exempt from income tax. They remain subject to social charges, raised from 17.2% to 18.6% by the 2026 Social Security Financing Act, subject to the historical rates that still apply to part of older gains.
Taking the Eres example, and assuming that the €3,479 includes the €1,000 paid in by the employee and €1,000 of employer matching, the gain subject to social charges would be around €1,479, i.e. about €275 of social charges. The net capital would remain close to €3,200.
03Free shares: the €300,000 threshold
The free share regime is built around the vesting gain, i.e., the value of the shares on the date they finally vest. This gain is taxed only when the shares are sold.
For plans authorised since 1 January 2018, up to €300,000 a year, the gain is taxed at the progressive income tax rates after a 50% allowance, and bears 18.6% social charges on its full amount. For a beneficiary with a 41% marginal rate, the total charge is around 39% of the gain, before the contributions on high incomes.
Above €300,000, the gain is taxed as salary: progressive rates without the allowance, 9.7% CSG and CRDS, and the 10% employee contribution. As the threshold applies each year, spreading sales over several years can significantly reduce the charge, where the plan and holding requirements allow.
The subsequent capital gain, between the value at vesting and the sale price, falls under the capital gains regime for securities, in principle the 31.4% flat tax (12.8% income tax and 18.6% social charges), before the contributions on high incomes.
For the company, the employer contribution is 30% for shares vesting since 1 March 2025, including those granted before that date.
04Preference shares and the management package regime
L’Agefi also discusses convertible preference shares, whose value depends on the level of performance achieved. For executives and employees, the gain on them has fallen since 15 February 2025 under article 163 bis H of the French Tax Code: capital gains treatment up to three times the company’s financial performance, taxation as salary above that, with a 10% employee contribution, i.e. up to 59% at the marginal rate.
The 2026 Finance Act revised this calculation. The limit is now measured from the value of the shares on entry, rather than the price paid, and dividends received during the period reduce it. The regime requires a real risk of loss and, except for free shares, BSPCE and stock options, a holding period of at least two years. A gift of the shares before the exit no longer wipes out the gain, which is now taxed in the donor’s name.
05The 2027 budget debate
On 16 October, Les Echos reported that employee savings had reached a new record, with more than €250 billion under management. The 2027 Social Security Financing Bill brought profit-sharing, statutory profit-sharing and employer matching into the calculation of the general reduction in employer contributions; the Social Affairs Committee of the National Assembly rejected the measure, and the Assembly then rejected the bill on 23 October. The Senate is examining the Government’s original text, which includes it: the measure may therefore return before the final vote.
The choice between these instruments depends on the beneficiary’s pay, the expected amount and the timing of the exit.
Sources: Les Echos, 2 and 16 October 2026; L’Agefi, 22 October 2026.
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