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France considers tax breaks for retirees as way to combat COVID-19

France considers tax breaks for retirees as way to combat COVID-19

According to Bloomberg, the French authorities are considering introducing tax breaks for retirees in an effort to fight COVID-19. Notably, a stash of savings built up by the older generation during the coronavirus pandemic exceeded €100 billion ($110 billion).

According to French Finance Minister Bruno Le Maire, the amount of excess pension savings could surpass €200 billion by the time the lockdown is over. The lion's share of the funding allocated during the crisis has been stashed by the French, the agency notes. France's government believes that savings are an inappropriate way of restoring economic activity.

For French retirees, the tax-free transfers are currently capped at €63,730 every 15 years. The authorities do not plan to raise taxes on extra savings. However, they are ready to mobilize the accumulated pension funds in order to boost the economic recovery.

Last month, the French government entered a third wave of the coronavirus pandemic. As a result, starting from March 20 this year, France introduced a strict four-week lockdown in 16 areas of the country, including Paris. Earlier, European Commission President Ursula von der Leyen warned of the crest of a third wave forming in the region. She acknowledged that the coronavirus outbreak had put the European Union in a critical situation. At the same time, these problems can be solved, she stressed.

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