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Redundant French bankers all rush to sign-on back home

As anyone who has lost their job and been forced to turn to the British government for help will know, you can’t buy much with 60.50 a week.

In France, however, the state is considerably more generous. It pays benefits equivalent to 57.4% of base pay, up to a maximum of €6,366 (5,506) per month for nearly two years.

Given that some senior French traders, quants, structurers and salespeople who’ve lost their jobs in London were on salaries of 115k, they are now eligible for the maximum level of benefits in France.

According to French news sources, they are going back home to claim it. To be eligible, French bankers who’ve worked in the UK need to have toiled for between one day and four weeks in France, but many are said to be getting a ‘Mc Job’ for 24 hours to overcome this hurdle.

The repatriation of French bankers is already causing some upset in Paris. The website RMC.fr reports that Unédic, the group which manages the French unemployment scheme, is looking into it.

Its president said he’s trying to establish whether the phenomenon concerns 10, 20 or 300 people. “It now appears that there’s a big gap between unemployment benefits on each side of the Channel,” he revealed.

In the meantime, French bankers who’ve gone home are pointing out that 5.5k in unemployment benefits isn’t all that. “It’s just enough to pay my plane tickets and telephone bill,” one banker who’s trying to find re-employment in Hong Kong complained.

Comments (17)

Comments
  1. 6366 euros a month sounds pretty damn good!!!! Honestly speaking, that
    really is a luxury salary anywhere in the world if you don’t have a family to support.

  2. Oh! Butcher thats racist discrimination. Not the froggie spungers on the dole comment, but your reference to McJob. Should be LeJob.

    Chinese Brush-Classic Reply
     
  3. I should relocate to France and try to lose my job there.

    le knowledge worker Reply
     
  4. upto 5,506 a month…that just doesnt make sense…whats the point of looking for a job if you get 66,000 (after tax?) to sit at home or travel the world?? just doesn’t make logical sense to me….

  5. How do u become a french national? Can u just marry a french woman?

  6. to Anon, or join the French Foreign Legion …

  7. I’d rather join the legion than marry a French woman.

  8. so thats, any women:

    still employed

    working in the public sector

    excellent but ‘realistic’ living tastes

    beautiful

    and french,

    looking for love?

  9. Hello,

    If you loose your job in france you could get about 65% of your orevious salary for as long as 18 months.
    But you have to proove every month that your are really seeking another for another job.
    about twice a month you have an interview with the personn following your job research. that personn has your CV, search a new job with you.
    A new law has been voted recently, while receiving goverment help, you cannot refuse more than two jobs offers, even if the salary is less thant what you had before….
    you want to come in France? I want to go and work in UK.!!

  10. the 3rd Tower of SG in Paris has been nicknamed London-New-York Tower because this is where all bankers from SG’s branch in the City and Wall Street going home are located.

  11. hope these guys won’t have any entitlment in France.. They did not suscribe to any unemployment insurance policy in france and keep criticizing france when they were in the UK.. French arrogant bankers in the UK who keep criticizing france all the time, time to pay your duties..

  12. €6,366 is not too far away from my current monthly salary as being a full time banker!! what the hell

  13. I have been made redundant 3 months ago and I’m staying in the UK. I find it really really hard that after having paid taxes here, you cannot get any help from the government. You lose your job you lose everything i.e. your social status, your home,… I do not really understand this system, the only way I found to get back on track it’s to have a small job that I use as a benefit income. I would not so much critize the French system which enables you at least not to lose everything when you lose your job.

  14. what about US citizen going back to the states? can you claim your unemployment there if you loose job in London?

  15. To Anon, I think joining the legion may preclude you from claiming the benefit as I hadn’t heard they were making cuts. Ergo you would have a job. Ergo, no benefit.

  16. Allons enfants de la patrie le jour de gloire est arrivé!

  17. is this why they never make French traders in London based French banks redundant no matter how bad they are? Roll on the 60.50 I’d rather be British

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