What’s going on:
Amidst widespread protests over his unpopular pension reform, on Wednesday French President Emmanuel Macron shared in a rare TV interview that he wishes for the government to initiate measures to make sure that companies are distributing a larger portion of their profits to their employees.
Why it matters:
His statements came shortly after he narrowly evaded a no-confidence vote in parliament, according to Reuters.
“We have big companies that are in the process of buying back their own shares…we need to find the right way, but they must share (profits) more with their employees,” Macron said.
Finance Minister Bruno Le Maire urged the government to take action in implementing an “exceptional contribution” to the benefit of workers — a substantial increase in contributions to profit-sharing schemes by corporations with over 5,000 staff members who buy back their own shares.
How it’ll impact the future:
Le Maire suggested that a doubling of profit-sharing schemes could be a reality, as the government would be offering unions and employers a proposal for negotiations in order to reach an agreement.