Since January 1, 2026, the rate of social contributions applied to employee savings gains has increased from 17.2% to 18.6%. This increase modifies the net calculation for each employee holding a PEE or a PER collective. Understanding the taxation of employee savings in 2024 and its recent developments requires distinguishing what happens at the entry of the amounts, during their blocking period, and then at the exit.
Social contributions at 18.6%: what the new rate changes for gains
Until 2025, capital gains and interest generated in a PEE or a PERCOL were subject to 17.2% social contributions at the time of release. The increase to 18.6% in 2026 raises the deduction by 1.4 points on each euro of gain, without changing the income tax exemption for amounts that remain blocked until maturity.
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Specifically, on a capital gain of 1,000 euros, the difference represents an additional 14 euros in deductions. A modest amount on an individual scale, but which weighs more heavily on long-term holdings, where cumulative gains are higher. The question of taxation of employee savings in companies thus takes on new significance for employees approaching the end of their plan.
This new rate also applies to annuities paid out upon exiting a PERCOL, according to the taxable fraction related to the beneficiary’s age at the time of liquidation. Capital withdrawals from a collective PER funded by deductible voluntary contributions remain subject to the progressive income tax scale for the portion corresponding to the contributions.
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Profit-sharing and participation: cash or plan, a very concrete tax choice
Theoretically, an employee receiving a profit-sharing or participation bonus can either place it in a savings plan (PEE, PERCOL) or receive it directly. Placing it in a plan exempts the bonus from income tax. Direct payment integrates it into taxable income, just like a salary supplement.
The data from the 2024 Dares survey, reported by Meilleurtaux, shows that practice diverges significantly from theory. Of the amounts distributed, 4.1 billion euros net were directly received by employees, compared to 3.1 billion directed towards savings (2.2 billion in PEE, 0.9 billion in PERCOL), for 2.4 million employees.
In other words, the majority of bonuses are received in cash and thus taxed. For an employee in a 30% marginal tax bracket, receiving 3,000 euros of gross participation directly means giving up a substantial portion to the tax authorities. Placing the same amount in a PEE cancels the income tax and only triggers social contributions on the gains at the time of release.
Why so many employees choose direct payment
The five-year lock-in on a PEE (or until retirement on a PERCOL) is a barrier for households that need immediate liquidity. Cases of early release (purchase of a primary residence, marriage, birth of a third child, termination of employment) do not cover all daily cash flow needs.
Field feedback varies on this point: some managers report that the lack of internal information in small companies leads employees to cash out by default, due to not understanding the tax advantage of the placement.
Employer contributions and voluntary payments: two distinct tax logics
The contribution paid by the employer on a PEE or a PERCOL is exempt from income tax for the employee, within the limits of legal ceilings. For the company, these amounts are deductible from taxable profit and exempt from social contributions (excluding social flat-rate contributions, depending on the size of the company).
- PEE contribution: exempt from income tax for the employee, subject to CSG-CRDS at a rate of 9.7% at source, and subsequent gains are subject to social contributions of 18.6% upon release.
- PERCOL contribution: same regime at entry, but the exit in annuity is partially taxed at income tax according to age, in addition to social contributions.
- Deductible voluntary contributions on PERCOL: reduce taxable income in the year of contribution, but the capital returned at exit is subject to the income tax scale, and the gains to a flat tax of 30%.
The distinction between these flows determines the final tax bill. An employee who mixes deductible and non-deductible voluntary contributions on the same PERCOL ends up with two different exit regimes, complicating the declaration.
Capital withdrawal or annuity on a collective PER: tax arbitration
The PERCOL offers the choice between capital withdrawal and annuity withdrawal at retirement. The annuity is subject to income tax after a deduction that varies according to the beneficiary’s age at the time of the first liquidation. The capital from deductible voluntary contributions is, however, fully subject to the progressive income tax scale.
For amounts from profit-sharing, participation, or contributions, capital withdrawal remains exempt from income tax. Only the corresponding gains are subject to social contributions at 18.6%.
- Capital withdrawal (mandatory contributions or employee savings placed): exempt from income tax on the capital, social contributions on the gains only.
- Capital withdrawal (deductible voluntary contributions): capital taxed at income tax, gains subject to the flat tax of 30%.
- Annuity withdrawal: taxable fraction at income tax according to age, social contributions on the corresponding annuity fraction.
The choice between capital and annuity depends on the marginal tax rate at retirement. An employee whose income will decrease significantly may benefit from opting for capital on the deductible portion, taxed then at a lower bracket. Conversely, a smooth annuity over several decades may limit the annual impact for a retiree still subject to tax.
The increase in social contributions to 18.6% makes each arbitration a bit more expensive than before. For an employee who still has several years of blocking on their PEE, the calculation remains favorable compared to a direct cash-out taxed at the scale. The real variable is the marginal tax rate at the time the amounts are withdrawn, not that of the year they are contributed.