The third part of our series on employee savings. Recently, some banks have offered consumer loans backed by this savings
Every year, many companies reward their employees with profit-sharing or profit-sharing, and lucky beneficiaries must choose between placing this savings plan for a period of five years or immediately recovering the amount. It is indeed possible to receive this bonus immediately, but in this case, it is added to the wages and is taxable to the income tax (IR).
And it is not the prospect of a white fiscal year that will change this rule. If the withholding tax comes into effect in 2018, Bercy has confirmed that this income would not escape income tax. On the other hand, there will be no tax to pay if the employee savings plan is invested for five years on a company savings plan (PEE) or on a savings plan for collective retirement (Perco). The condition is, however, to leave the savings blocked for five years.
Advance on employee savings
This may be too long, but there are exceptions. A marriage or a pack, the arrival of the third child, the purchase of the principal residence or the end of the contract of employment are cases of release. But, apart from these exceptions, employee savings are immobilized. However, there is an indirect way to benefit, some call the advance on employee savings.
The idea for financial institutions that offer this service is to offer a consumer loan backed by all or part of the amount of employee savings invested on a PEE, for the payment of interest. Amundi has been offering this service since mid-2016 to employees of its client companies who have accepted this innovation.
To finance his personal projects, the employee subscribes a depreciable loan (a portion of the interest and principal are reimbursed each month). He chooses his monthly payments and his term of credit directly online. The latter results in an annual interest rate of 3.9%, but only 1.9% for a term chosen between 37 and 48 months. It enjoys ” a very attractive rate in return for the pledge of its employee savings during the life of the loan, ” said Sophie Lebeau, general secretary of Amundi ESR. ” And during this time, locked-up employee savings continue to grow, ” adds Ms. Lebeau.
For its part, Crédit Mutuel and the CIC also offer a loan on employee savings, except that it is “in fine”. Thus, the employee only pays the interest monthly and the capital is repaid at maturity. These loans are therefore concluded for a term of five years (or less, in the context of a prepayment, without fees), with a fixed annual rate of 2.95% as at March 2017. ” Proposed with our subsidiary Monabanq, this solution opens up an alternative between collecting your savings immediately and paying the tax, or placing it “, underlines Rémy Boeglin, General Manager of CM-CIC employee savings.
To benefit from this type of loan, it is, therefore, necessary, at first, to get closer to his salary savings manager. But if the answer is negative, all is not lost. Eole Finance, a brand of Crédit Mutuel Arkea, offers a similar loan called Me, provided that employee savings are housed in a PEE, an Inter-company Savings Plan or a blocked current account.
” We can lend the equivalent of 70% of sums invested in diversified funds such as equities and 100% in money market funds and we can intervene on all management companies,” says Yann Rault, head of the institutional partner’s department. at Financo and Eole Finance. This offer contributes more widely to “unblock” employee savings, but this service at a cost: count almost 4% interest per year.