The French Government’s Fight Against Budget Deficit: Boosting Employment and Savings through Structural Reforms

Government unity on work and unemployment insurance led by Gabriel Attal

In the wake of a significant budget deficit, the government is now focusing on making savings. On Wednesday morning, Gabriel Attal gathered the entire government in Matignon for a seminar that aimed to address work-related topics, similar to a Council of Ministers meeting. The Prime Minister stated that the government will prioritize rigor and responsibility with a focus on work, as more employed French people would help balance finances.

Social spending such as unemployment insurance is one of the targets for addressing the deficit that escalated out of control last year. The government seminar will also discuss encouraging people to return to work through reforms like the RSA and unemployment insurance. Additionally, issues like de-employment, low wages, and new forms of work like the four-day week will be addressed.

The government’s efforts to boost employment and save money include considering various avenues such as reducing unemployment compensation duration with arguments that structural reforms are necessary for full employment. This proposal is expected to take at least a year before having an impact on public accounts. With few financial margins currently existing in the employment sector, the government is looking for ways to address this challenge.

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In summary, after a significant increase in France’s public deficit reaching 5.5% of GDP in 2023 according to INSEE, the government had to make 10 billion euros in cuts on the 2024 budget mid-February. Additional savings are necessary this year and especially in the 2025 budget estimated at “at least 20 billion” euros. The government is exploring various avenues to boost employment and save money while addressing challenges related to social spending such as unemployment insurance duration reduction with structural reforms needed for full employment.

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The Prime Minister stated during his interview by TF1 on Wednesday evening news that “We will continue prioritizing rigor and responsibility with a focus on work as more French people employed means better chances at balancing our finances.”

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