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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.

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AUTHORSarah Butcher Global Editor
  • St
    Stuckinarut
    9 December 2008

    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

  • Fr
    FrenchIB
    9 December 2008

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

  • Qu
    Quanty
    9 December 2008

    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.

  • gz
    gz2104
    9 December 2008

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

  • bi
    big swinger
    9 December 2008

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

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