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Why your March salary could be late in France

Workers in France who receive a monthly salary have been warned that their March pay packet may arrive late, due to European banking regulations.

Why your March salary could be late in France
Salary payments may be delayed over the Easter weekend. Photo by MYCHELE DANIAU / AFP

For salaried employees, the traditional date for pay-day is the end of the month, and most workers now get their money transferred automatically into their bank accounts. 

However this year, the end of March coincides with Easter weekend, with Easter itself falling on Sunday March 31st, and the Europe-wide Target 2 system, which handles automated SEPA payments within the EU and EEA, will be closed over the Easter weekend.

The European Central Bank, which oversees Target 2, closes the exchange system on weekends and selected public holidays – for Easter that means a four-day closure from Thursday, March 28th to Tuesday, April 2nd, according to reporting in the Journal du Geek.

Although Good Friday (March 29th) is not a holiday in most of France, it is taken as a public holiday by many other European countries.

Why is Good Friday not a holiday in (most of) France?

That means that a salary paid on March 28th won’t reach the recipient’s bank account until Tuesday, April 2nd.

Target 2 is also closed on May 1st, December 25th and December 26th – these dates don’t usually affect salary payments so it is usually Easter that is affected, when it coincides with the end of the month.

Normal banking services will continue over the Easter weekend while instant transfers and internal transfers between two accounts handled by the same bank will also go ahead as normal.

The salary delay won’t affect people who get paid in the middle of the month, or those who are paid in cash.

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PROPERTY

Remote working in France prompts property race to the coast

The rise in the popularity of remote working has led to a shift in the French property market, with demand for a place by the sea and suburban houses with gardens soaring, according to a recent study.

Remote working in France prompts property race to the coast

Seaside properties have long come with a premium in France – but the post-pandemic rise of remote working has led to an even sharper increase in demand.

Coastal areas have seen population increases of between two percent and five percent compared to pre-pandemic times, according to Insee data collated by Ifop political analyst Jérôme Fourquet and Fondation Jean Jaurès associate geographer Sylvain Manternach.

In some popular seaside locations, their research found, populations had jumped by as much as 10 percent.

READ ALSO What are France’s laws around working from home that I need to know?

These population movements are “primarily affecting Atlantic coasts”, such as Morbihan and the Aquitaine coast, the study found. Further north, however, demographic pressure is generally lower – with the notable exception of the ever-popular Saint-Malo.

Meanwhile, in major cities, such as Orléans, Tours, Bordeaux and Strasbourg, there has been a notable shift away from central areas to the suburbs, dating back before the Covid-19 lockdowns, as French workers seek the ‘detached house with a garden’ dream.

But new remote working opportunities and experiences of ‘teletravail’ during lockdown and beyond have extended the scope of people’s reach from the suburbs to further afield, driving the rush to the sea. And that has consequences, with property prices in some coastal areas rising rapidly.

Fourquet and Manternach write: ”This phenomenon has helped fuel continued peri-urbanisation and demographic growth in the suburbs of France’s main metropolises, which are increasingly distant from the city centre.

The recent arrival of, “a wealthy population wishing to buy a home in coastal areas where real estate was already expensive has further increased prices, making them less and less accessible to the local middle and lower classes,” they said.

READ MORE: Revealed: Where foreigners are buying second homes in France

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