Macron surrenders to Yellow Vests: French President hikes minimum wage, axes overtime tax and slashes pension contributions as he declares state of emergency after weeks of riots | WHAT REALLY HAPPENED

Macron surrenders to Yellow Vests: French President hikes minimum wage, axes overtime tax and slashes pension contributions as he declares state of emergency after weeks of riots

French president Emmanuel Macron tonight announced a range of dramatic Socialist-style financial concessions to struggling workers so as to end an 'economic and social state of emergency'.

In a TV address lasting 12 minutes, he said a month of rioting and blockades justified a €100 (£90) per month increase in the minimum wage, taking it to €1498 (£1360).

This will not 'cost anything to the employer', said Mr Macron, and will be accompanied by all taxes and other charges on overtimes being scrapped.

There were also be an end-of-year bonus that employers can pay without being charged by the government, while taxes on those earning less than €2000 (£1800) will also end on January 1.

Mr Macron also ruled out any return of the Solidarity Wealth Tax, saying that he wanted to stop rich entrepreneurs 'moving abroad', so preventing 'job creation'.

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