Allocation 
and Impact 
Reporting
SOCIAL BONDS
2021
FEBRUARY 2023
Update to the Reporting published in December 2022

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
2
Contents
Unédic, an Economic and 
Social Buffer
1
5
Contribution to Sustainable 
Development Goals
4
Impact Assessment
3
Allocation of Funds Raised
2
Unédic’s Social Bond 
Issuances
Edito
Bibliography
Glossary
3
4
9
15
20
56
60
61

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3
Edito
The point of view of
Christophe
Valentie
Managing Director 
of Unédic
2021 saw both the effects of 
the crisis and the economic 
recovery. What can you 
tell us about the role that 
Unédic played during this 
period?
Unédic manages unemployment insurance by 
staying as close as possible to the realities of 
employment while being attentive to the needs 
of employers, ensuring that jobs are protected.
In the first half of 2021, the unemployment 
insurance scheme proved its strength again: it 
helped compensate jobseekers and finance the 
furloughing scheme for millions of employees 
within thousands of companies. It has record 
levels of debt. But this debt is necessary to 
fund the emergency measures. For example, 
€2.5 billion was specifically allocated to the 
furloughing scheme.
Then, in the second half of the year, the 
favourable economic situation and the 
exceptional rebound in employment, which 
we observed, helped to put unemployment 
insurance back on a path of return to financial 
equilibrium.
How does Unédic 
ensure a controlled 
financial management of 
unemployment insurance?
The ability of the unemployment insurance 
scheme to adapt allows it to fully play its role 
as a social buffer, especially when required by 
economic, health and geopolitical crises.
Throughout 2021, Unédic anticipated and 
adjusted its funding needs. Debt management 
remains efficient and controlled, under the agile 
and reactive management of the social partners, 
representing the 27 million employees and 2 
million employers.
The social partners can draw on the expertise 
of Unédic’s services: our integrated and 
multidisciplinary approach helps to understand 
the effects of the country’s economic situation 
on employment and, consequently, on 
unemployment insurance. In particular, we 
make three annual financial forecasts to adjust 
the scheme’s financial trajectory, in addition 
to ensuring its proper implementation in 
conjunction with employment ecosystem 
operators, and thus protect jobseekers, 
employees and businesses.
You publish your second 
report on the allocation 
and impact of funds raised 
through Social Bond issues. 
What is the purpose of such 
a report?
As in the previous report, this report on the 
allocation and impact of social-bond issues 
specifies, through detailed indicators, the source, 
use, method of distribution and beneficiaries of 
such funding. In 2021, we carried out four issues 
of Social Bonds on the financial markets in the 
total amount of €10 billion. This support is aimed 
primarily at vulnerable groups of the population, 
as defined in the Sustainable Development Goals 
(SDGs), who are most exposed to the risks of job 
loss and difficulties in returning to sustainable 
employment.
The report thus reflects part of Unédic’s direct 
contribution to the 2030 Agenda and France’s 
commitments under this universal agenda for 
sustainable development.
For more than 60 years, Unédic has been 
consolidating and updating the Unemployment 
Insurance scheme, which is both an insurance 
and solidarity-based scheme with a long-term 
financial trajectory. We remain and will remain 
mobilised to guarantee the strength of this pillar 
of the French social model, in the service of 
social cohesion and in support of the economy.

1
Unédic, an 
Economic and 
Social Buffer
1

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Unédic and its partners: key players 
of the public employment service
Employees, companies and jobseekers
ASP
Pays furloughing 
scheme allowance
AGIRC-ARRCO
Manages pension 
contributions 
and credits of jobseekers 
receiving beneﬁts
PÔLE EMPLOI
Calculates and pays beneﬁts 
to jobseekers and helps them 
return to work
L’Unédic is the body that manages 
unemployment insurance in 
France. 
The scheme is funded by 
contributions from private sector 
salaries and the earned income 
based general social contribution 
(GSC).
From time to time, Unédic may 
issue debt to finance its activity.
The management of benefits 
and aid financed by Unédic 
is delegated to field-based 
organisations for beneficiaries 
of the unemployment insurance 
scheme.
In France, the general social contribution is a partially proportional tax that contributes to the financing of social security and, since 2018, unemployment insurance, instead of 
the contributions levied on salaries.

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France’s labour force :
28.9 million
1.2 million
of which
2.7 million
Of which maximum in
A PR IL 2 0 2 1
6.4 million
IN D ECEMB ER 2 02 1
furloughed
workers 
on average per month 
in 2021
6.6 million
of which
jobseekers registered 
with Pôle Emploi 
on average per month 
in 2021
and having access to 
support services
Sources:
- Insee - Continuous Employment Survey
- ASP, furloughing scheme extranet - extraction of 22 September 2022
- Pôle Emploi STMT, Dares
Unédic’s coverage 
in 2021

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Not covered by the Unemployment insurance 
scheme are those that have not worked enough 
to qualify for entitlement for support or for their 
entitlement to be renewed, or those whose 
employment contract has not been terminated 
or who are not included in the scheme 
(part of the civil service, those having resigned 
and the self-employed).
Those who do not receive any beneﬁts 
have in general worked and received a high salary 
compared to their reference salary. 
They can also be covered by health insurance 
or deferral of beneﬁts 
at the beginning of their entitlement.
At the end of 2021, France had
jobseekers registered with Pôle Emploi and 
having access to support services
  
6.4 million
of which
beneﬁciaries of the 
Unemployment insurance
3.7 million
Of those,
receive unemployment 
beneﬁt
2.6 million
Jobseekers protected and supported 
by the Unemployment insurance scheme

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Continuing on from 2020,  a series 
of restrictions were implemented 
in France in 2021, decided by the 
public authorities to cope with 
the Covid-19 epidemic and to curb 
the spread of the virus. After the 
second lockdown in 2020 which 
ended in mid-December, a curfew 
was put in place and extended 
during the first quarter of 2021. 
Faced with the resurgence of 
the Covid-19 epidemic, a new 
lockdown was decreed from 3 
April to 2 May and constituted the 
strictest period of restriction in 
2021. This constraint was gradually 
lifted, first through a curfew, then 
through the implementation 
of a medical pass, allowing the 
reopening of certain places and 
a quicker recovery in economic 
activity as a whole. The changes 
in the schemes monitored in 
connection with this report are 
closely linked to the different 
periods of restrictions imposed on 
the French economy.
January
February
March
April
May
June
July
August
September
October
November
December
Year 2021
30 days
141 days
Regionally differentiated or national curfew
194 days
Medical pass
Lockdown in France
 
The impact of Covid in France:
restriction periods in 2021
Non-exhaustive list of sectors likely to be subject to an administrative closure decided by prefects, to combat the spread of Covid-19 in 2021:
Conference centres, meeting rooms, theatres or multi-purpose halls, except for courtrooms; shops and shopping centres; restaurants and drinks outlets; dance halls and gaming rooms; 
libraries, documentation centres; exhibition halls; indoor sports centres; museums; tents, marquees and structures; outdoor establishments; education, training; holiday centres and leisure 
centres without accommodation;
Decree No 2020-663 of 31 May 2020, Art. 57 (from 22/06 to 11/07); Decree No 2020-860 of 10 July 2020, Art. 50 (from 11/07 to 17/10); Decree No 2020-1262 of 16 October 2020, Art. 50
Decree No 2020-1310 of 29 October 2020, Art. 18, as amended by Decree No2020-1519 of 4 December 2020: closure to the public of ski lifts and slopes Decree No 2021-699 of 1 June 2021 
prescribing the general measures necessary to manage the recovery after the health crisis

2
Unédic’s 
Social Bond 
Issuances

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10
Protection
Guidelines
 
Transparent 
allocation 
process
Management of 
unallocated funds
Governance
Support 
Allocation reporting
Publication of 
an annual report 
until all the 
funds have been 
allocated
Impact reporting
Verified by an independent 
entity
Socio-economic 
development (SBP)
Tripartite conventionbetween 
the French State, Unédic and 
Pôle Emploi
Eligibility criteria applied to 
unemployment insurance 
schemes
Funds managed in 
compliance with 
Unédic’s liquidity buffer 
management rules
Temporary investment 
of liquidity in 
responsible investment 
funds based on a best 
effort basis
Access to essential 
services (SBP)
Social Bond Committee 
meets regularly to verify the 
alignment of Unédic’s Social 
Bond Framework with ICMA’s 
Social Bond Principles. 
Unédic’s Bureau approves 
publications concerning 
Social Bonds
Review and validation 
by the Social Bond 
Committee
Use of 
Proceeds
Process for Project 
Evaluation and 
Selection
Management 
of Proceeds
Reporting
Unédic has developed the Social Bond Framework document 
published in May 2020, fully in line with the Social Bond Principles 
(SBP) of the International Capital Market Association (ICMA).
Social Bond 
Principles

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1111
2020 was marked by the sudden 
shutdown and disruption 
of national economies - 
consequences of health 
constraints aimed at stemming 
the spread of the Covid-19 
virus. In France, the crisis had a 
major impact on the economic 
situation and upset the 
prospects for the equilibrium of 
the unemployment insurance 
scheme’s accounts.
The disruptions related to the 
Covid-19 crisis continued in 
the first half of 2021 and some 
emergency measures were 
extended.
The rapid recovery of 
economic activity and strong 
employment figures in the 
second half of 2021 then 
led to an improvement in 
the economic outlook for 
unemployment insurance and 
€4.0 bn
2009
2010
2011
1.9
2012
7.0
2013
5.0
2014
8.3
2015
8.8
2016
5.5
2017
7.7
2018
2.3
2019
3.1
Conventional debt
Social Bond Debt
2022
2.5
10.0
1.0
2020
2.0
17.0
Reporting
2021
therefore a reduced reliance on 
financial markets.
Consequently, Unédic used, to 
a lesser extent, debt to finance 
exceptional measures to support 
employment, businesses and 
jobseekers, while ensuring the 
continuity of payments under 
unemployment insurance 
schemes established through 
collective agreement. Thus, in 
2021, Unédic conducted four 
Social Bond issues for a total 
amount of €10 bn (compared 
to six issues and €17 bn of Social 
Bonds in 2020). This report on 
socia-bond issues carried out in 
2021 is therefore, again, marked 
by funding of the Covid-19 crisis.
Unédic’s annual funding 
plans
€10 billion of Social Bond issuances 
in 2021
Conventional debt is debt other than Social Bonds. At the end of 2021, four taps on bond issues issued before 2020 
were made with the aim of finalising the funding programme while adjusting to the reduction in Unédic’s needs.

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12
13-year
10-year
15-year
10-year
MATURITY
+15bp
+13bp
+10bp
+11bp
SPREAD VS OAT
€3.0 bn
€3.0 bn
€2.0 bn
€2.0 bn
€10 bn
NOMINAL AMOUNT
0.141 %
0.045 %
0.524 %
0.044 %
0.169 %
YIELD AT ISSUANCE
€8.98 bn
€15.05 bn
€5.46 bn
€5.22 bn
ORDERBOOK SIZE 
PRICING DATE
09 February 2021
24 March 2021
16 June 2021
20 July 2021
ISIN CODE
 FR0014001ZY9 
 FR0014002P50 
 FR00140045Z3 
 FR0014004QY2 
Characteristics of social bonds issued in 2021
Unédic’s 
Social Bonds

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13
47 %
15 %
16 %
Banks
Insurance and 
pension funds
36 %
Central banks and 
ofﬁcial institutions 
16 %
8 %
Asset 
managers
38 %
Other
2 %
Sustainable 
investors
78 %
Strongly committed
Partially committed
Lightly committed
Breakdown by 
investor type
Allocation to 
sustainable investors
Breakdown by 
geographic area
SCORE 3
SCORE 2
SCORE 1
France
32 %
UK,
 Ireland
11 %
Benelux
6 %
Nordic Countries
4 %
Eastern Europe 1 %
Other 
European 
countries
9 %
Asia
12 %
Americas
3 %
Middle East
2 %
Germany, Austria, Switzerland
20 %
ESG investor rating methodology:
A methodology developed by Natixis to rate each investor in order to quantify the ESG share within the order book.
3 – Strongly committed sustainable investors: investors who deploy strategies focused on sustainable development and impact (mandates and/or dedicated green/ SGD/impact funds, etc.)
2 - Partially committed sustainable investors : Investors integrating ESG* factors into their actively managed portfolios (“best-in-universe” and “best-in-class” strategies, SRI funds, etc.)
1 – Lightly committed sustainable investors: ESG-sensitive investors who are not active ESG investors (at least signatories of the Principles for Responsible Investment, applying “negative screening”, etc.)
0 - No public information formalising the investor’s ESG policy
 
Basis for Natixis’s rating approach:
- Thorough knowledge of sustainable investors (including more than 20 investment strategies falling into 3 main categories: Screening - Integration - Thematic).
- Public information (from various sources: PRI transparency reports, social investment forums (SIFs), media specialised in sustainable investment, investors’ websites, etc.)
- Information from our sales force (from our clients’ investor statements).
 
* ESG integration: Actively manages ESG risks to achieve better financial returns. As part of this approach, investors integrate financially significant ESG factors into analysis and decision making, without restricting their investment 
universe.
Investors of Unédic’s 
Social Bonds

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14
More and more institutional investors 
are formalising and publishing their ESG 
(environmental, social and governance) 
policy commitments.
Thus, Unédic takes this formalisation into 
account to prioritise the placement of the 
securities with specialised and active ESG 
investors.
By way of example, investors who made 
no ESG commitment with regards to their 
management strategy accounted for 47% of 
the order book of the 15-year bond. However, 
Unédic’s allocation principles on the primary 
market led to a reduction in the share of those 
investors in the final allocation to 11% of the 
nominal amount issued.
Conversely, the demand of investors with an 
ESG score of 1, 2 or 3 amounted to 53% of the 
order book, resulting in a final allocation of 
89% of the nominal amount issued by Unédic.
0
20 %
40 %
60 %
80 %
100 %
0
20 %
40 %
60 %
80 %
100 %
UNEDIC 13-year - €3bn
UNEDIC 10-year - €3bn
UNEDIC 15-year - €2 bn
UNEDIC 10-year - €2 bn
UNEDIC 13-year - €3bn
UNEDIC 10-year - €3bn
UNEDIC 15-year - €2 bn
UNEDIC 10-year - €2 bn
Number of investor allocated 
by ESG score for each issue
Amount allocated
by ESG score for each Social Bond issuance
57 %
54 %
47 %
52 %
9 %
18 %
13 %
17 %
15 %
12 %
15 %
13 %
19 %
16 %
25 %
17 %
30 %
16 %
11 %
26 %
4 %
25 %
10 %
27 %
23 %
11 %
15 %
7 %
42 %
48 %
63 %
40 %
0
1
2
3
SCORE ESG
ESG investor rating methodology:
A methodology developed by Natixis to rate each investor in order to quantify the ESG share within the order book.
3 – Strongly committed sustainable investors: investors who deploy strategies focused on sustainable development and impact (mandates 
and/or dedicated green/ SGD/impact funds, etc.)
2 - Partially committed sustainable investors: Investors integrating ESG into their actively managed portfolios (“best-in-universe” and “best-
in-class” strategies, SRI funds, etc.)
1 – Lightly committed sustainable investors : ESG-sensitive investors who are not active ESG investors (at least signatories of the Principles 
for Responsible Investment, applying “negative screening”, etc.) 
0 - No public information formalising the investor’s ESG policy
Participation of ESG 
investors

3
Allocation of 
Funds Raised
3

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16
The method for allocating eligible 
expenditures is based on Unédic’s 2021 
profit and loss account.
It considers technical management 
only, the scope of which is the service 
of paying benefits and aid funded by 
the unemployment insurance scheme. 
Therefore, it does not include Unédic’s 
administrative management, financial 
expenses related to debt management, 
property management or other 
administrative or financial expenditure 
expenses.
Technical expenditures eligible for Social 
Bond allocation is monitored in accounts 
that are justified and normalised in respect 
of accounting policies applied by the 
operators in charge of the services provided 
to the benefit recipients. The eligibility 
criteria are guaranteed by the management 
framework applying to Unédic’s partner 
operators that provide services to workers, 
businesses and jobseekers.
Main categories of eligible expenditure:
Furloughing scheme: in response to the 
Covid-19 crisis, this scheme has been used 
extensively to cushion the loss of business 
activity linked to the administrative and 
social restrictions decided by the public 
authorities to limit the spread of the 
pandemic.
Return-to-work allowances and benefits:  
composed mainly of unemployment benefits 
(ARE-ARE-F), which represent the core activity 
of the scheme, return-to-work allowances 
and benefits were down compared to 2020 
but remained high compared to the years 
preceding the health crisis. There are also 
schemes that provide protection against 
certain situations of loss of employment, 
assistance with retraining and enhanced 
support for the resumption of an activity, 
whether that activity is salaried or self-
employment (CSP, ARCE, etc.).
Validation of pension credits:  this is the 
substitution of the employer by Unédic 
for the payment of contributions to 
supplementary pension schemes for benefit 
recipients, so that periods of unemployment 
do not reduce the duration of contributions 
for these persons.
Functioning of Pôle Emploi:  Unédic’s 
contribution to the operating budget of the 
main operator of the public employment 
service enables all jobseekers to receive 
support and help in finding a job. Part of 
the operator’s operating costs, directly 
attributable to services provided to 
beneficiaries, is eligible for allocation of 
funds raised through Social Bonds.
Allocation 
methodology

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17
€2.4 bn
Furloughing scheme  €2.5 bn
Allowances, 
ARE-Project, 
ARE-MAYOTTE
Eligible expenditures
Allocated
expenditures
Unallocated 
expenditures
€43.0 bn
€3.8 bn
Return-to-work allowances 
(including ARE and ARE-F)
€33.8 bn
Pension credits
€4.3 bn
Functionning of
Pôle Emploi
€46.7 bn
Entertainment-sector-worker 
beneﬁts     €1.8 bn
CSP
€1.4 bn
All of Unédic’s technical 
expenditures are eligible for 
allocation of funds raised 
through Social Bonds.
Of the €46.7 billion of eligible 
expenditures, Unédic has 
selected four schemes funded 
by the proceeds from Social 
Bond issues.
These schemes account for 
most of the expenditures 
recorded in Unédic’s financial 
statements in 2021, i.e. a total of 
€43 billion:
•	
return-to-work allowance 
(including ARE and ARE-F),
•	
exceptional furloughing 
scheme,
•	
contribution to the 
functioning of Pôle Emploi, 
and
•	
contribution to pension 
credits for Unemployment 
Insurance recipients.
The major impact of th crisis on 
these expenditures in 2021 led 
to a focus on monitoring these 
expenditures in connection 
with this allocation and impact 
report.
The unallocated expenditures, 
namely €3.8 billion, correspond 
to schemes of lesser 
expenditure that Unédic will be 
able to allocate for social bond 
funds in coming years when 
it produces its next allocation 
and impact reports. They 
are eligible for Unédic Social 
Bond funds. The sectoral and 
regulatory context leads Unédic 
to plan the assessment of 
these schemes in a longer time 
frame to better understand and 
measure their social impacts.
Eligible 
expenditures

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18
Allocated expenditures in 2020
Breakdown
€51.0 bn
Allocated expenditures in 2021
 
Breakdown
€43.0 bn
Unallocated expenditures in 2020
€3.7 bn
Unallocated expenditures in 2021
€3.8 bn
€8.9 bn 
€35.3 bn 
€2.7 bn 
€4.1 bn 
€1.9 bn 
€1.3 bn 
€0.5 bn 
€2.5 bn
€33.8 bn
€2.4 bn
€4.3 bn 
€1.8 bn 
€1.4 bn 
€0.6 bn 
Furloughing scheme
Return-to-work allowances 
(including ARE and ARE-F)
Pension credits
Functioning of Pôle Emploi
Entertainment-sector-worker beneﬁts
CSP
Allowances, ARE-Project, ARE-MAYOTTE
Eligible expenditures 
Change

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19
Furloughing 
scheme
ARE and
ARE-F
Pension credits
Pôle Emploi 
functioning 
62 %
25 %
8 %
5 %
52 %
40 %
5 %
3 %
Final Allocation 
Social Bonds 
2020
2021
Choice and allocation method:
•	
Allocation of 100% of funds raised through Social Bonds (unallocated 
funds = 0%)
•	
Allocation of 100% of expenditure on furloughing scheme 
(exceptional scheme not financed by the structural resources of the 
unemployment insurance scheme)
ARE and ARE-F
€33.8 bn
Allocated expenditures
€43.0 bn
19 % Social Bond allocation
(€6.3 bn)
Of which
€2.4 bn
Pension credits
€4.3 bn
Pôle emploi 
functionning
19 % Social Bond allocation 
(€0.8 bn)
of which
19 % Social Bond allocation
(€0.5 bn)
of which
€2.5 bn
Furloughing scheme
100 % Social Bond allocation 
(€2.5 bn)
of which
Allocated expenditures 
and change
•	
Allocation proportional to the share of each scheme in the 
eligible costs of the unemployment insurance scheme.

4
Impact
Assessment

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Unédic’s two 
social missions
Protection mission:
Provide protection against the socio-economic vagaries 
of the labour market (redundancies, unemployment, 
decline in activity, precarious contracts and so-called 
atypical forms of employment, i.e. short-term and part-
time contracts) by ensuring economic and financial 
security (replacement income).
Provide support to individuals to find work or to get 
back into the job market by, in particular, developing 
their skills and helping them obtain qualifications or 
helping them to start their own business or change 
career. 
Support mission:

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22
«Protection» mission
«Support» mission
«Protection» and 
«Support» missions
ALLOCATED
T O TA L
M O N TA N T
Furloughing scheme
Return-to-work-and-training allowance 
(ARE-F)
Career safeguarding contract 
(CSP)
Allowance for creating or taking 
over a business (ARCE)
Return-to-work allowance paid to those 
pursuing a professional project 
(ARE-Project)
Return-to-work allowance (ARE)
Validation of pension credits
Unemployment insurance for casual 
workers employed in the entertainment 
industry (ARE A8-A10)
Allowances and other beneﬁts*
* (ATI, ARE-Mayotte, end of entitlements, unpaid leave)
Financing of Pôle Emploi's operating 
budget
€40,420,418,741
€54,646,822,015
 €17,000,000,000
€46,744,807,836
€10,000,000,000
 €27,000,000,000
€33,690,126,817
€3,521,338,335
ELIGIBLE
ALLOCATION
REMAINDER 
ALLOCATED
2019
€37,629,250
€30,074,431,332
€2,104,609,674
€1,441,047,473
€32,409,088
0 %
0 %
0 %
0 %
0 %
—
—
—
—
—
€3,521,338,335 
€3,208,953,589
€1,440,961,002
€1,189,267,622 
€578,713,732 
€11,232  
0 %
0 %
0 %
0 %
0 %
—
—
—
—
—
€47,209,251,721
€4,075,466,400  
€781,886,503 
€305,963,075 
€15,912,150,422
ELIGIBLE
ALLOCATION
ALLOCATED
2020
€8,938,017,150 
€33,671,804,425 
€2,679,821,671 
€1,880,859,737 
€38,748,738 
100 %
19.2 %
19.2 %
0 %
0 %
€8,938,017,150 
€6,460,004,044 
€514,129,229 
—
—
€4,075,466,400 
€3,362,103,894  
€1,594,786,744 
€1,290,815,462 
€453,360,449 
€23,141,240 
19.2 %
0 %
0 %
0 %
19.2 %
€781,886,503 
€305,963,075 
—
—
—
€38,518,666,220
€4,254,908,253  
 €791,227,401 
€1,573,113,904 
€378,981,260 
€684,944,335 
€8,829,791,339 
ELIGIBLE
ALLOCATION
ALLOCATED
2021
TOTAL
€2,469,603,646  
€31,753,876,800  
€2,448,698,948  
€1,812,375,967  
€34,110,860  
100 %
18.6 %
18.6 %
0 %
0 %
€2,469,603,646 
€5,904,836,464 
€455,351,229 
—
—
€4,254,908,253  
€3,971,233,363  
€2,038,011,435  
€1,389,714,260  
€485,776,162  
€57,731,507  
18.6 %
0 %
0 %
0 %
18.6 %
 €791,227,401 
€378,981,260 
—
—
—
€24,741,941,761 
€11,407,620,796  
€12,364,840,507 
€969,480,458
—
—
€1,573,113,904
€684,944,335 
—
—
—
Expenditures eligible for 
Unédic’s Social Bonds

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
23
The furloughing scheme allows companies 
to temporarily suspend workers from their 
jobs due to special circumstances.
Under this scheme, for each hour not worked, 
workers receive an allowance equal to a 
certain percentage of their gross hourly pay. 
In compensation, the employer receives an 
allowance paid by the services and payment 
agency (“Agence de Services et de Paiement” 
ASP), which is 67% and 33% financed by the 
State and Unédic respectively.
Due to the economic impact of the Covid-19 
epidemic, the amount of the allowance paid 
to employers varies according to the sector of 
activity.
3.8 million
Number of beneﬁciaries
in 2021
Unédic’s ﬁnancing in 2021
€2.5 bn 
Unédic's share of
ﬁnancing of which
100% funded by Social 
Bonds
33 %
State: 67%
Furloughing 
scheme
Protection

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
24
Financing of standard 
furloughing scheme 
(“Activité partielle de droit commun”) 
as a percentage of gross pay
Administrative closure and 
other cases heavily impacted 
by the crisis*
State funding
47 %
23 %
Unédic funding
24 %
24 %
12 %
From March 2020 to end of March 2022 
70 %
Allowance paid 
to workers
Remainder borne 
by employer: 24%
Remainder borne 
by employer: 0%
Since April 2022 
60 %
Allowance paid 
to workers
of which 36%
Employer allowance     +     
Unprotected
sectors
From June 2020 
to end June 2021 
70 %
Allowance paid 
to workers
From May 2020 
to May 2020
70 %
Allowance paid 
to workers
Since
July 2021
60 %
Allowance paid 
to workers
of which 36% 
Employer's allowance     +     
State funding
40 %
20 %
Unédic funding
24 %
24 %
10 %
12 %
Sectors protected 
by decree**
From March 2020 to end of August 2021 
70 %
Allowance paid 
to workers
Since September 2021 
60 %
Allowance paid 
to workers
of which 36%
Employer's allowance     +     
State funding
47 %
23 %
Unédic funding
24 %
24 %
12 %
47 %
23 %
Remainder borne 
by employer: 0%
Remainder borne 
by employer: 0%
Remainder borne 
by employer: 24%
Remainder borne 
by employer: 24%
Source: Unédic
Scope: Standard furloughing scheme, rules 
excluding Mayotte.
Reading: From 1 March 2020 to 31 March 2022, in 
administratively closed establishments, employees 
furloughed under the standard furloughing scheme 
receive an allowance equal to 70% of their gross 
remuneration, of which 47% is financed by the State 
and 23% by Unédic, that is to say, total furloughing 
scheme allowance paid to the employer equal to 
70% of the gross remuneration; consequently, the 
remainder to be borne by the employer is 0%.
* This category includes:
1) establishments closed by administrative decision,
2) establishments located in a territory subject to 
special restrictions concerning the conditions under 
which economic activity is conducted and which 
apply to the movement of persons (from 1 January 
2021),
3) establishments located in the catchment area of 
an activity concerned by an administrative closure, 
including those located at ski resorts during the 
period of administrative closure of ski lifts subject 
to meeting the condition of a 50% decrease in 
their revenue (between 1 December 2020 and 31 
December 2021),
4) sectors protected by decree having experienced 
a decrease in revenue of at least 80% (between 
1 March and 30 November 2021) or a decrease in 
revenue of at least 65% (from 1 December 2021 to 28 
February 2022).
** The list of protected areas is set out in Annexes 
1 and 2 of Decree No 2020-810 of 29 June 2020. 
These are the sectors most affected by the health 
crisis (hotels, restaurants, events, tourism, sports 
and cultural activities). Several amendments to 
this list have been made since first prepared. Since 
1 September 2021, protected sectors no longer 
benefit from increases in the rates of compensation 
and furloughing scheme allowances except where 
revenues have fallen sharply.
Standard furloughing scheme 
financing
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
25
Administrative closure and 
other cases heavily impacted 
by the crisis*
State funding
47 %
23 %
Unédic funding
40 %
10 %
20 %
From November 2020 
to March 2022 
70 %
Allowance paid 
to workers
From July 2020 
to October 2020
70 %
Allowance paid 
to workers
Since
April 2022
 
70 %
Allowance paid 
to workers
of which 60% Allowance 
for the employer     +     
Financing of long-term 
furloughing scheme 
(“Activité partielle de longue durée” - APLD) 
as a percentage of gross salary 
Sectors protected 
by decree**
November 2020 
to June 2021
70 %
Allowance paid 
to workers
From July 2020 
to October 2020
70 %
Allowance paid 
to workers
Since
July 2021
70 %
Allowance paid 
to workers
of which 60% Allowance 
for the employer     +     
State funding
47 %
23 %
Unédic funding
40 %
10 %
20 %
Unprotected
sectors
Since July 2020
70 %
Allowance paid 
to workers
of which 60% Allowance 
for the employer      +     
State funding
40 %
20 %
Unédic funding
10 %
40 %
20 %
10 %
40 %
20 %
10 %
Remainder borne 
by employer: 0%
Remainder borne 
by employer: 0%
Remainder borne 
by employer: 10%
Remainder borne 
by employer: 10%
Remainder borne 
by employer: 10%
Source: Unédic
Scope: Long-term furloughing scheme, rules 
excluding Mayotte.
Reading: From 1 November 2020 to 31 March 2022, in 
administratively closed establishments, employees 
furloughed as part of the long-term furloughing 
scheme receive an allowance equal to 70% of their 
gross remuneration, of which 47% is financed by the 
State and 23% by Unédic, that is to say, total long-term 
furloughing scheme allowance paid to the employer 
equal to 70% of the gross remuneration; consequently, 
the remainder to be borne by the employer is 0%.
* This category includes:
1) establishments closed by administrative decision,
2) establishments located in a territory subject to 
special restrictions concerning the conditions under 
which economic activity is conducted and which apply 
to the movement of persons (from 1 January 2021),
3) establishments located in the catchment area of 
an activity concerned by an administrative closure, 
including those located at ski resorts during the period 
of administrative closure of ski lifts subject to meeting 
the condition of a 50% decrease in their revenue 
(between 1 December 2020 and 31 December 2021),
4) sectors protected by decree having experienced a 
decrease in revenue of at least 80% (between 1 March 
and 30 November 2021) or a decrease in revenue of at 
least 65% (from 1 December 2021 to 28 February 2022).
** The list of protected areas is set out in Annexes 1 and 
2 of Decree No 2020-810 of 29 June 2020. These are 
the sectors most affected by the health crisis (hotels, 
restaurants, events, tourism, sports and cultural 
activities). Several amendments to this list have been 
made since first prepared. Since 1 July 2021, protected 
sectors no longer benefit from increases in the rates 
of compensation and long-term furloughing scheme 
allowances except where revenues have fallen sharply.
Long-term furloughing 
scheme financing
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
26
Gender
Age
Socio-professionnal Category
Male
52 %
55 %
Less than
25 years 
of age
14 %
11%
Between 
25-49 years 
of age
61 %
63 %
50 and 
over
23 %
26 %
Female
48 %
45 %
Manual 
workers
29 %
27 %
Employees, 
technicians, 
supervisors
57 %
51 %
Managers
10 %
19 %
Apprentices
3 %
3 %
Other
1 %
0 %
Comparison with private-sector workers
workers were 
furloughed for 
at least one 
hour in 2021 
(i.e. around 
20% of private-
sector workers) 
compared to 
10.6 million in 
2020.  
3.8 
million
Sources: for furloughed employees, ASP, furloughing scheme extranet, weekly data - extraction of 30 July 2022, Unédic calculations; for the shares of private sector employees, Employment Survey, Dares calculations 
(annual average in 2019); Acoss for the number of employees in the private sector in Q1 2020 (except for agriculture: estimated number of employees in the private sector in Q1 2020, Insee, Dares, Acoss).
Scope: for furloughing scheme, claims for allowances paid to workers, excluding sole-trader employers; for private-sector jobs, private-sector workers, excluding employees of sole-trader employers.
Observation: marginally significant data on gender and age is unavailable, so totals may not add up to 100%.
Reading: 52% of workers furloughed for at least one hour in 2021 were men, compared to 55% of private-sector workers.
The profile of employees 
furloughed in 2021 differs 
from that of employees 
furloughed in 2020 in 
terms of gender and 
socio-professional 
category (more women 
and employees, 
technicians or supervisors 
in 2021).
Profile of workers who 
were furloughed in 2021
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
27
Sources: for GDP, Insee, monthly activity losses are calculated in relation to the level before the crisis (i.e. 4th quarter 2019) based on quarterly data and INSEE’s notes on the economic 
situation; for furloughing expenditures, ASP, furloughing scheme extranet, for January and February 2020, compensation data at the level of employees - extraction of 30 July 2022, from 
March 2020, compensation data (standard furloughing scheme and long-term furloughing scheme - APLD) aggregated at the level of establishments - extraction of 22 September 2022, 
restated for duplicate claims and having received validation from the authorities (validated grant applications, payment made, requested or invalidated, repayment order issued or to be 
issued), excluding sole-trader employers; Unédic calculations.
Since 2020, the intensity of the 
restrictions related to the Covid-19 
crisis, particularly during the 
lockdown periods, has coincided 
with the levels of loss of activity 
and use of the furloughing 
scheme.
Spring 2020 was the period with 
the greatest restrictions and 
therefore the highest use of the 
furloughing scheme.
The following twelve months 
were marked by periods of 
reduced restrictions during which 
the scheme was used to offset the 
shutdown of certain activities.
Since spring 2021, the economic 
recovery and strong employment 
figures in France have led 
to a significant decrease in 
furloughing expenditures.
Furloughing scheme expenditure 
mirrors the trend for GDP
Furloughing scheme
-30.3 %
Decline in activity as % 
(estimation)
-17.5 %
-7.6 %
-16.3 %
-4.4 %
-2.9 % -1.9 %
-3.8 %
-5.0 % -4.4 % -4.4 % -4.1 % -4.0 % -3.8 % -3.3 %
-2.6%
-0.7 % -0.1 %
0.0 %
Total furloughing
scheme expenditure
in €bn
2.0
3.2
4.6
1.2
0.8
2.2
1.7
0.6
0.8
1.4
1.5
1.8
1.9
1.1
0.6
0.2
0.2
0.2
0.2
0.1
0.1
0.2
0
Unédic’s 
furloughing 
expenditure in €bn
0
0.1
0.1
2020
2021
2022
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec/
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
€8.5 billion

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
28
1,020
1,145
3
3
1,047
492
280
183
175
299
531
376
349
359
381
490
363
188
79
67
62
44
33
6,692
8,361
6,860
3,093
1,776
1,056
1,161
1,600
2,904
2,189
1,969
2,063
2,312
1,941
2,651
1,117
500
399
444
2
1
313
809
188
107
58
67
72
219
165
142
150
174
187
112
58
25
20
22
Number of 
establishments 
having made a 
claim
(in thousands)
Number in salaried 
employment 
furloughed
(in thousands)
Number of hours 
compensated 
under furloughing 
scheme
(in millions)
423
2020
2021
2022
Jan.
Feb. 
March
April 
May 
June
July 
August
Sept.
Oct.
Nov.
Dec. 
Jan.
Feb.  
March
April 
May
June
July 
August
Sept.
Oct.
Nov.
Dec. 
Jan.
Feb.  
March
April
May 
June
July 
2020
2021
2022
Jan.
Feb. 
March
April 
May 
June
July  August
Sept.
Oct.
Nov.
Dec. 
Jan.
Feb.  
March
April 
May
June
July 
August
Sept.
Oct.
Nov.
Dec. 
Jan.
Feb.  
March
April 
May 
June
July 
36
42
47
55
42
27
12
10
9
6
14
11
14
16
13
10
5
3
3
2
336
317
344
364
312
231
145
108
90
52
Sources: ASP, furloughing scheme extranet, for January and February 2020, data on compensation paid to workers - extraction of 30 July 2022, for March 2020 to July 2022, compensation data aggregated at the level of establishments - extraction of 22 
September 2022, Unédic calculations
Scope: grant applications (standard furloughing scheme and long-term furloughing scheme - APLD) restated for duplicate applications and validated by the authorities (application approved, payment made, requested or invalidated, repayment order issued 
or to be issued), excluding sole-trader employers.
Observation: the results are not stabilised for the past few months shown because the unemployment insurance reform is yet to be fully implemented.
Details of furloughing scheme 
allowance claims
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
29
Sources: ASP, furloughing scheme extranet, for January and February 2020, data on compensation paid to workers - extraction of 30 July 2022, for March 2020 to 
December 2021, compensation data aggregated at the level of establishments - extraction of 1 August 2022, Acoss for the number of private-sector workers at the 
end of 2019; Unédic calculations.
Scope: furloughing scheme grant applications (standard furloughing scheme and long-term furloughing scheme - APLD) restated for duplicate applications and 
validated by the authorities (application approved, payment made, requested or invalidated, repayment order issued or to be issued), excluding Agriculture, sole-
trader employers and extra-territorial activity.
Reading: On average, in 2021, 8% of employees were furloughed each month in establishments with less than 20 employees, compared with an average of 20% 
in 2020 and 56% at the peak of the crisis in April 2020. Furthermore, in 2019, 35% of private-sector employees work in establishments with less than 20 employees, 
these establishments representing 91% of all private-sector establishments.
Breakdown of 
establishments 
by size
 
35 %
Less than 20 employees
20 %
8 %
56 %
91 %
18 %
Between 20 and 49 
employees 
16 %
6 %
48 %
6 %
28 %
Between 50 and 249 
employees
12 %
4 %
36 %
3 %
9 %
0,3 %
Between 250 and 499 
employees
10 %
4 %
29 %
11 %
 2020
average
16 %
 Average 
for 2021
6 %
April 2020
focus
45 %
All establishments 
combined
500 or more employees
16 %
10 %
37 %
0,1 %
Breakdown of 
employees 
by size of 
establishment
 
Source: Acoss, data at the end of 2019; Unédic 
calculations. 
Scope: private employees excluding agriculture, 
sole-trader employers, extra-territorial activities 
and establishments not domiciled in France.
Use of furloughing scheme by size of 
establishment in 2021
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
30
10.1€
Less than 20 employees
Between 50 and 249 
employees 
Between 20 and 49 
employees 
Between 250 and 499 
employees 
500 or more employees
All establishments 
combined
2021 average
Breakdown of 
establishments 
by size 
35%
91 %
18 %
6 %
28%
3 %
9 %
0.3 %
11 %
0.1 %
Breakdown of 
employees 
by size of 
establishment 
€10.6
€10.4
€10.2
€9.5
€12.2
Sources: ASP, Partial activity extranet - extraction of 1 August 2022; Unédic calculations.
Scope: grant applications (standard furloughing scheme and long-term furloughing scheme - APLD) restated for duplicate applications and validated by the 
authorities (application approved, payment made, requested or invalidated, repayment order issued or to be issued), excluding sole-trader employers.
Comments: The hourly cost is calculated by dividing the total cost of the furloughing scheme by the number of hours not worked.
Reading: In 2021 the average cost of one furloughed hour for an establishment with less than 20 employees was €9.5.
Source: Acoss, data at the end of 2019; Unédic 
calculations. 
Scope: private employees excluding agriculture, 
sole-trader employers, extra-territorial activities and 
establishments not domiciled in France.
Average cost of one furloughed hour 
by establishment size in 2021 (in €)
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
31
Sources: ASP, furloughing 
scheme extranet, for January 
and February 2020, data on 
compensation paid to workers 
- extraction of 30 July 2022, for 
March 2020 to December 2021, 
compensation data aggregated 
at the level of establishments - 
extraction of 1 August 2022, Acoss 
for the number of employees 
in the private sector at the end 
Q1 2020 (except for agriculture: 
estimated number of employees 
in the private sector in Q1 2020, 
Insee, dares, Acoss); Unédic 
calculations.
Scope: grant applications 
(standard furloughing scheme 
and long-term furloughing 
scheme - APLD) restated for 
duplicate applications and 
validated by the authorities 
(application approved, payment 
made, requested or invalidated, 
repayment order issued or to be 
issued), excluding sole-trader 
employers activities and extra-
territorial activities.
Reading: on average, in 2021, 33% 
of workers in the accommodation 
and catering sector were 
furloughed for at least one hour 
a month, compared to 47% in 
2020 and 86% in April 2020, 
which is the month with the 
highest use of the furloughing 
scheme. In addition, 6% of 
private-sector employees work in 
the accommodation and catering 
sector.
47 %
33 %
86 %
28 %
19 %
61 %
31 %
16 %
71 %
16 %
8 %
43 %
16 %
6 %
50 %
16 %
5 %
43 %
17 %
5 %
49 %
15 %
5 %
42 %
10 %
4 %
29 %
12 %
3 %
40 %
10 %
2 %
26 %
7 %
1 %
24 %
5 %
1 %
14 %
16 %
1 %
72 %
3 %
1 %
10 %
5 %
1 %
21 %
3 %
0 %
10 %
Accommodation and food services
Manufacture of other industrial products
Transportation and warehousing
Manufacture of electrical, electronic 
& computer equip. machine manufacture
Scientiﬁc and tech activities; admin.
and support services
Construction
Education, human health and 
social action
Information and communication
Real estate activities
Manufacture of foodstuffs, drinks 
and tobacco products
Mining, quarrying, energy, water, 
waste management and pollution control
Farming, forestry, ﬁsheries
Financial and Insurance activities
Coking and reﬁning
Trade, car/motorcycle repair
Manufacture of transportation equip.
Other service activities*
 * Repair of household goods, associations, etc.
2021 average
2020 average
 April 2020 focus
Tous secteurs
2021 average
6 %
16 % 
2020 average
45 %
April 2020 focus
Distribution of private-sector workers 
in the French economy by sector
 
6 %
2 %
4 %
8 %
17 %
2 %
7 %
17 %
3 %
1 %
4 %
13 %
4 %
8 %
2 %
2 %
0 %
Use of furloughing scheme by 
sector of activity in 2021
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
32
Sources: ASP, furloughing scheme 
extranet, compensation data aggregated 
at the level of establishments - extraction 
of 1 August 2022; Unédic calculations.
Scope: grant applications (standard 
furloughing scheme and long-term 
furloughing scheme - APLD) restated for 
duplicate applications and validated by 
the authorities (application approved, 
payment made, requested or invalidated, 
repayment order issued or to be issued), 
excluding sole-trader employers.
Comments: The hourly cost is calculated 
by dividing the total cost of the 
furloughing scheme by the number of 
hours not worked.
Reading: In 2021, the average cost of one 
furloughed hour for the sector of activity 
«coking and refining» was €13.9.
2021 average
€10.1
€13.9
€13,1
€12.2
€12.2
€12.0
€11.4
€10.5
€10.4
€10.2
€10.2
€9.6
€9.6
€9.4
€9.4
€9.3
€9.1
€9.0
Construction
Trade, car/motorcycle repair
Other service activities*
Manufacture of transportation equip.
Manufacture of foodstuffs, drinks 
and tobacco products
Mining, quarrying, energy, water, 
waste management and pollution control
Accommodation and food services
Education, human health and 
social action
Farming, forestry, ﬁsheries
Manufacture of other industrial 
products
Real estate activities
Scientiﬁc and tech activities; 
administrative and support services
Manufacture of electrical, electronic 
& computer equipment; machine manuf.
Information and communication
Financial and Insurance activities
Transportation and warehousing
Coking and reﬁning
 * Repair of household appliances, associations, etc.
All sectors
Average cost of one furloughed hour 
by sector of activity in 2021 (in €)
Furloughing scheme

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
33
Gender
2020
Less than
25 years
 of age
Between 
25-49 years 
of age
50 
and over
2021
Manual
workers
Employees,
technicians,
supervisors
Managers
Apprentices
Other
standard long-term
standard long-term
28 %
72 %
45 %
54 %
Female
Information 
unavailable
Information 
unavailable
Male
33 %
67 %
48 %
51 %
4 %
65 %
31 %
13 %
60 %
25 %
4 %
63 %
32 %
15 %
59 %
23 %
... furloughing scheme
Age
2020
2021
standard long-term
standard long-term
... furloughing scheme
Socio-professional
category
2020
2021
standard long-term
standard long-term
... furloughing scheme
30 %
36 %
32 %
25 %
57 %
15 %
3 %
31 %
44 %
23 %
26%
62 %
9 %
3 %
July to december
January to december
July to december
January to december
July to december
January to december
Sources: ASP, furloughing scheme extranet, weekly data - extraction of 30 July 2022, Unédic calculations.
Scope: grant applications at level of employees, excluding sole-trader employers.
Comments: Marginally significant data on gender and age is unavailable.
Reading: on average, 72% of employees furloughed as part of the long-term furloughing scheme (APLD) between July 2020 and December 2020 were men, compared to 54% of employees furloughed as part of the standard 
furloughing scheme.
Average characteristics of furloughed
workers according to the type of scheme (as %)
Furloughing scheme
The long-term furloughing scheme (APLD) applies more to men, older employees and 
managers.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
34
2020
2021
2022
Share of expenditure under long-term furloughing scheme as percentage of total expenditure under furloughing scheme 
(standard and long-term)
July
August
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
August Sept.
Oct.
 
Nov.
 
Dec.
Jan.
Feb.
March
April
May
June
July
0
2
0
44
22
107
39
144
114
117
153
67
88
114
48
85
66
65
52
71
60
38
27
11
26
0 %
0 %
0 %
2 %
3 %
7 %
2 %
8 %
8 %
10 %
8 %
27 %
41 %
19 %
25 %
56 % 55 %
41 %
54 %
51 %
46 %
76 % 74 %
63 %
72 %
200
400
600
800
1 ,000
1 ,200
1 ,400
1 ,600
1 ,800
2 ,000
€2 ,200 million
Total furloughing 
scheme expenditures
(standard and 
long-term) 
Total long-term
furloughing expenditure
(State and Unédic)
2020
2021
2022
Share of employees under long-term furloughing scheme as percentage of total employees under furloughing scheme 
(standard and long-term)
July
August
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
August Sept.
Oct.
 
Nov.
 
Dec.
Jan.
Feb.
March
April
May
June
July
200
400
600
800
1, 000
1, 200
1 ,400
1 ,600
1, 800
2, 000
2, 200
2 ,400
2 ,600
2 ,800
3, 000 thousand
Number of furloughed
employees 
(standard and 
long-term)
Number of employees
under long-term
furloughing scheme
0
11
0
95
55
194
97
267
219
243
272
175
215
235
139
215 197
181
148
199
171
118
89
40
72
0 %
1 %
0 %
3% 
3 %
10 %
4 %
12 %
11 %
13 %
10 %
35 %
48 %
21 %
35 %
64 % 62 %
50 %
64 %
58 %
55 %
82 % 82 %
77 %
80 %
Source: ASP, furloughing scheme extranet, compensation data aggregated at level of establishments - extraction of 22 September 2022, Unédic calculations.
Scope: grant applications (relating to applications for authorisation to use long-term furloughing scheme approved by authorities) restated for duplicate applications and approved by authorities (application approved, payment made, requested or 
not approved, repayment order issued or to be issued), excluding sole-trader employers.
Observation: the results are not stabilised for the past few months shown because the unemployment insurance reform is yet to be fully implemented.
Reading: In April 2021, approximately 270,000 employees were furloughed as part of the long-term furloughing scheme, i.e. 10% of the 2.7 million furloughed workers.
Details of long-term furloughing 
scheme claims
 
Furloughing scheme
Number of employees
Expenditures

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
35
The heterogeneity of forms of employment 
is reflected in the diversity of profiles of 
Unemployment Insurance recipients. In its study 
«Who are the recipients of unemployment insurance 
benefits?», Unédic analyses the characteristics and 
paths of unemployed persons receiving benefits.
The return-to-work allowance (ARE)  guarantees a 
replacement income for involuntarily unemployed 
employees, provided that certain conditions are met.
Health Insurance: 
Jobseekers receiving benefit retain their previous 
social protection until one year after the end of their 
benefit. Their medical expenses are refunded and 
daily allowances are paid to them if they are ill.
Covid-19:
•	
periods of restriction deducted from the 
duration of benefits:  Days not covered by 
an employment contract occurring during 
periods of restriction of freedoms related to 
the health crisis due to the Covid-19 epidemic 
are also deducted for the calculation of the 
duration of benefits,
•	
exceptional and temporary extension of the 
reference registration period: To take into 
account the consequences related to the 
Covid-19 crisis, the period of 24 or 36 months 
was extended by the number of days between 
1st March and 31 May 2020 and between 30 
October 2020 and 30 June 2021, up to the 
number of days concomitant with the period 
(i.e. an extension of no more than 11 months).
Pensions: 
The period for which the ARE allowance is received is taken into account in the accounting of pension 
contributions. 50 days of unemployment benefit counts for 1 quarter, up to 4 quarters for each year. The 
benefit recipient also acquires additional pension credits.
Unédic’s ﬁnancing in 2021
€31.8 bn
Unédic's share of 
ﬁnancing
19% funded by Social 
Bonds (€5.9 bn)
100 %
2.6 million
Number of beneﬁciaries
in 2021*
Unemployment insurance 
beneficiaries
Protection 
* Monthly average of number of benefit recipients at end of 
month in 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
36
Conditions for receiving 
ARE allowance: 
•	
Being registered as a jobseeker
•	
Not having reached the legal 
retirement age
•	
Having worked enough for 
entitlement
•	
Having involuntarily lost one’s 
employment
•	
Being physically fit for work
•	
Effectively and continuously looking 
for work
•	
Residing in mainland France, 
Guadeloupe, DOM excluding Mayotte, 
Saint-Pierre and Miquelon, Saint-
Barthélemy, Saint-Martin, Principality 
of Monaco (under certain conditions 
for this last territory).
Calculation of ARE 
allowance: 
The ARE allowance is calculated on the basis 
of salaries subject to contributions received 
during the reference period of 24 or 36 
months, possibly extended to a maximum of 
11 months (see above).
This reference salary is used to calculate an 
average daily wage («daily reference salary»), 
compared to the number of calendar days 
(worked or not) between the first and last job 
identified during this period (see above on 
the duration of the allowance).
The ARE allowance is a daily allowance paid 
each month. Its daily amount is multiplied 
by the number of entitlement days in each 
month.
Period 
of benefits:
It equals the number of calendar days 
(worked or not) between the first and 
last day of employment identified during 
the reference period of the past 24 or 36 
months, possibly extended to no more 
than 11 months (see above).
The maximum duration of the allowance 
is 2 years for those under 53, 2 and a half 
years for those between 53 and 54 and 3 
years for those over 55.
Jobseekers will receive the ARE 
allowance, within the limit of their 
entitlement, until they acquire the 
number of quarters required for a full 
state pension or until they automatically 
qualify for a full state pension on 
reaching the age of 65 or 67, depending 
on the year of their birth.
The resumption of a professional activity 
while receiving the ARE allowance does 
not always imply the end of payment of 
the allowance.
Return-to-work 
allowance (ARE)
Protection

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
37
Benefit recipients are on average younger and less educated than those in employment.
Source: National data file of Unemployment Insurance beneficiaries, Unédic.
Scope: those receiving unemployment insurance benefits at the end of the month, average for 2021, ARE, ARE-F, CSP, France as a whole.
Source: Insee, Employment Survey
Scope: France excluding Mayotte, working population 2021.
Note: there is a significant difference between the previous version and this one on the under 25 and over 60 age brackets for beneficiaries, because last year it was the age at the end of the last contract that was used, and here the age at the 
date the beneficiary is receiving benefits.
Profile of benefit 
recipients
Return-to-work allowance (ARE)
25-29 years of age
15 %
30-34 years of age
15 %
Less than 20 years of age
1 %
20-24 years of age
11 %
35-39 years of age
13 %
40-44 years of age
11 %
45-49 years of age
10 %
50-54 years of age
9 %
55-59 years of age
10 %
60-64 years of age
6 %
65 and over
1 %
Men
49.6 %
vs 51.1 % of men 
in the labour force
Baccalaureate or higher 
education level
51 %
vs 65 % for those in
the labour force
working
population
Gender
Women
50.4 %
vs 48.9 % of women 
in the labour force
Level less than 
baccalaureate
49 %
vs 35 % for those in
the labour force
Qualiﬁcations
Age
8 %
10 %
12 %
12 %
12 %
13 %
13 %
12 %
5 %
2 %
2 %
working population
working population

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
38
Source: National data file of Unemployment Insurance beneficiaries (FNA).
Scope: Beneficiaries with an open entitlement under ARE, ASP, ATI, AREP or a previous allowance.
Source: FNA, raw data, period average.
Scope: Beneficiaries receiving ARE, ARE-F, ASP, ATI, AREP or a previous allowance.
Monthly net amount
of beneﬁts paid in 2021
Average monthly 
beneﬁt
€1 ,540
Beneﬁt recipients in 
employment (32%):
Beneﬁt recipients not 
in employment (68%)
Monthly Average
number of beneﬁt recipients
In 2021
Not in employment
In employment
In 2020
31.7 %
68.3 %
29.4 %
70.6 %
€1,100
€990
€740
Beneﬁts 
Including additional salary
Some benefit recipients are already 
in employment
Return-to-work allowance (ARE)

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
39
Spread of net monthly beneﬁts paid 
in 2021: 
deciles
D1
D2
D3
D4
D5
D6
D7
D8
D9
€260
€500
€700
€860
€940
€1,020
€1,110
€1,270
€1,600
81%
78%
76%
73%
71%
69%
69%
65%
92%
Spread of net replacement rate 
in 2021: 
deciles
Each part of the workforce is equal
Median standard of living for
 those living under 
the poverty line 
€913
Poverty line
€1,132
 
In 2020, 9.0 million people were living below the poverty line.
Spread of benefits:
Sources: FNA, raw data at the end of October 
2021 and Insee regarding poverty line and the 
median standard of living of those living under 
the poverty line.
Scope: recipients (in employment or not) of 
the benefits ARE, ARE-F, ASP or ATI, in 2020. 
The population of benefit recipients includes 
recipients who do not work, but also recipients 
who receive unemployment benefit and a 
salary and therefore see their benefit revised 
downwards.
Reading: 20% of the net monthly benefits paid 
was less than €500 in 2021.
Spread of replacement rate: Source: FNA, raw 
data at end of October 2021.
Scope: those receiving the benefits ARE or ARE-F 
at 31 December 2020, excluding casual workers 
employed in the entertainment industry
Reading: 20% of net replacement rates are below 
69%.
Definition: ‘replacement rate’ means the 
portion of the salary lost represented by the 
unemployment benefit.
Calculation: the net replacement ratio is 
calculated by dividing the net daily benefit by 
the net daily reference salary (= 0.78 * gross daily 
reference salary).
Poverty indicators:
Sources: Insee-DGFiP-Cnaf-Cnav-CCMSA, 
2020 and 2021 SRCV-SILC statistical surveys on 
resources and living conditions.
Scope: Mainland France, persons living in a 
household whose declared income is positive 
or zero and whose reference person is not a 
student.
Spread of benefits and 
replacement rate
Return-to-work allowance (ARE)

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
40
With the closure of some economic activities during the 
lockdown periods, the number of ARE benefit recipients 
increased sharply and, at best, levelled off over the other 
months of 2020. This increase is mainly accounted for 
by Unemployment Insurance recipients who claimed 
benefits after a fixed-term contract ended and by those 
receiving benefits not returning to employment.
Since the beginning of 2021, the change in the number 
of benefit recipients returned to the situation observed 
before the crisis and shows an improvement in the 
economic conditions and the number of those finding 
employment, which allow a return to a level below that 
observed prior to the crisis.
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
Beneﬁt 
recipients
Beneﬁciaries not 
receiving beneﬁts
Jan.
2020
2021
Jan.
Dec.
Number of ARE beneﬁt recipients
Source: FNA raw data.
Scope: Beneficiaries with an open entitlement under ARE, ASP, ATI, AREP or a previous allowance.
A return to the situation observed 
before the crisis
Return-to-work allowance (ARE)

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
41
Sources: FNA, Unédic estimate and Pôle Emploi data
Scope: those eligible for Unemployment Insurance benefits, excluding casual workers employed in the entertainment industry
Second extension
1st march
2020
31 may
2020
30 october
2020
2021
30 june
2021
First 
extension
360,000 persons concerned 
during 1st lockdown
(one-third of whom renewed 
their entitlements after the ﬁrst 
extension from March to May 2020)
880,000 persons concerned
from 2nd lockdown
Observed expenditures:
€0.7 bn
Estimated expenditures:
€2.9 bn
Estimated expenditures:
€0.3 bn
benefit recipients 
saw their benefit 
entitlement 
extended
40,000 of whom 
saw their benefits 
extended during the 
2 extension periods
1.2
million
To provide protection to jobseekers 
whose entitlements had just ended 
or were about to end, an extension of 
their rights was decided.
Extension of unemployment benefits 
at a glance 
Return-to-work allowance (ARE)

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
42
Conditions for receiving 
ARE-F allowance: 
•	
Training included in benefit recipient’s 
personalised project for returning 
to employment (“Projet personalisé 
d’accès à l’emploi ” - PPAE).
•	
Training not included in the PPAE but 
financed, in whole or in part, through 
use of the personal training account.
Amount of the ARE-F 
allowance:
The gross amount of the ARE-F benefit is 
the same as that of the ARE benefit, but 
may not be less than €21.78 a day.
On the other hand, its amount is different, 
since only the 3% of the supplementary 
pension is deducted. Social security 
contributions, including accidents in the 
workplace cover, are not.
(Art. R. 6342-2(2) of the French Labour 
Code)
Period 
of benefits:
The duration of payment of the ARE-F benefit 
is equal to that of the ARE benefit. Benefit 
recipients in training will therefore receive the 
benefit as long as they are entitled within the 
limit of the duration of their training.
Benefit recipients aged 53 and 54 can benefit 
from an extension of their entitlement, if they 
have received training paid for by the ARE or 
ARE-F benefit, as part of their PPAE.
Unédic’s ﬁnancing in 2021
€2.0 bn 
Unédic’s share of 
ﬁnancing of which 19% 
funded by Social Bonds
(€0.4 bn)
100 %
136,000
Number of beneﬁciaries
in 2021*
Return to work and training 
allowance (ARE-F)
Support 
Protection 
* Monthly average number of ARE-F benefit recipients at the end of the month in 
2021.

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43
From the second half of 2020, there was an increase 
in training  through distance learning, support 
from the various funders of vocational training and 
through the ‘investment in skills’ plan.
This level of training continued over the entire 
reporting period. 
The decrease in the number of ARE-F benefit 
recipients in June, July and August was due to a 
seasonal effect linked to the training sector.
2020
2021
2022
January
April
July
October
January
April
July
October
January
April
Number of ARE-F 
beneﬁt recipients
20 000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Source: FNA.
Scope: ARE-F benefit recipients at the end of the month.
Note: beneficiaries not receiving benefits represent less than 2% of ARE-F recipients
Increasingly important training 
efforts
Jobseekers’ training

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
44
Gender
Age
Men
Less than 25 years 
of age
Between 25-34 
years of age
Between 35-44 
years of age
Between 45-54 
years of age
55 and over
Less than 25 years 
of age
Between 25-34 
years of age
Between 35-44 
years of age
Between 45-54 
years of age
55 and over
Women
Men
Women
Qualiﬁcations
61 %
39 %
2020
62 %
38 %
2021
Level less than BAC
BAC
Post BAC
Level less than BAC
BAC
Post BAC
2020
33 %
34 %
33 %
2021
35 %
34 %
32 %
16 %
38 %
26 %
15 %
5 %
2020
18 %
36 %
26 %
15 %
6 %
2021
More men
More workers aged 
between 25 and 34
With qualiﬁcation 
of level less 
than BAC
Source: FNA.
Scope: Whole of France.
Profiles of ARE-F beneficiaries 
at the end of 2021
Jobseekers’ training

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
45
Jan.
Jan.
March
May
July
Sept.
Nov.
March
May
July
Sept.
Nov.
Jan.
March
May
July
Sept.
Nov.
Rate of access to employment
44 %
46 %
48 %
50 %
52 %
54 %
56 %
58 %
60 %
42 %
2020
2019
2021
Sources: Pôle Emploi (Historical file, SISP)/Acoss-CCMSA (DPAE)/Data produced from file of Pôle-Emploi training leavers (for identification of training 
leavers) and the Administrative Historical File (FHA) and declarations prior to hiring (DPAE) for the identification of numbers returning to work. Rate 
of access to employment within the six months following the end of training (jobseekers registered with Pôle Emploi) - France as a whole - Training 
leavers from January 2020 to December 2021 - Raw data.
Scope: training prescribed by Pôle Emploi.
Reading: The rate of access to employment takes into account all training undertaken by jobseekers and to measure the effectiveness of that training 
in helping jobseekers to return to employment.
Rate of access to employment six 
months after completion of training
Jobseekers’ training
Those leaving training prior to lockdowns found 
it more difficult to find a job in the following six 
months. As the rate of access to employment 
is correlated with the economic situation, the 
shutdowns of the economy made it difficult for such 
individuals to find employment.
Indeed, jobseekers who completed their training 
between September 2019 and February 2020 had 
limited access to employment because of the strictest 
lockdown implemented in March of the same year.
This phenomenon is observable to a lesser extent 
over the more flexible restriction periods in 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
46
Certiﬁcation
Perfecting
Professionalisation
Refresher training
Professional project
Preparation for qualiﬁcation
Starting business
Other
AFPR / POE
442,053
 148,382 
 134,709 
 72,490 
 71,244 
 55,165 
 48,073 
 35,864 
 24,428 
Numbers beginning 
training in  2020
Breakdown
 1,032,408 
Numbers beginning 
training in 2021
Breakdown
 1,426,252 
 628,167 
 172,473 
 227,817 
 115,553 
 63,489 
 58,989 
 58,509 
 54,007 
 47,248 
1.4 million
numbers beginning training
all funders combined
training 
courses funded 
through the 
personal 
training account 
(CPF) 
602,000
training
courses
 funded
by
Pôle emploi
397,000
25.9 million
searches for training 
made on 
www.pole-emploi.fr
and Ma formation app
Source: FNA.
Scope: all training undertaken in 2020 and 2021 by jobseekers registered with Pôle Emploi (all funders). Number of training courses taken up on during the year by 
type of objective.
NB: a jobseeker may undertake more than one training  in the same year.
Numbers beginning training 
All funders
Jobseekers’ training
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
47
Periods for which unemployment insurance 
benefits are received are taken into account for 
the determination of the number of quarters on 
which a person’s state pension (basic pension) is, 
and pension credits (occupational pension) are, 
calculated. 
Pension credits are financed by the occupational 
pension funds; by the unemployment insurance 
scheme for unemployment insurance benefits; and 
by the State for the benefits it finances.
Beneficiaries of unemployment insurance 
contribute to this financing: a contribution of 
3% based on the daily reference salary used for 
calculating their unemployment benefit is deducted 
by Pôle Emploi on behalf of Unédic. This levy may 
not result in a benefit less than the minimum benefit 
(€29.38 since 1 July 2020).
Unédic’s ﬁnancing in 2021
€2.4 bn 
Unédic's share of 
ﬁnancing
19% funded by Social 
Bonds (€0.5 bn)
5.6 million
Number of beneﬁciaries
in 2021
55 %
Supplementary pension funds*: 45%
Contribution to jobseekers’ 
pension credits
Protection 
* AGIRC, ARRCO, IRCANTEC, CNBF, CRPN

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
48
Basic pension insurance 
Basic pension entitlements differ depending on whether 
unemployment insurance benefits are received or not. 
Benefit recipients 
Those receiving Unemployment insurance benefits, self-
employed allowance or solidarity payments, or those having 
taken early retirement receiving a pension paid from the 
National Employment Fund (“Fonds National de l’Emploi” - FNE), 
automatically acquire old-age pension quarters corresponding 
to the periods for which the benefits and payments are paid or 
made (Article L.351-3(2) of the French Social Security Code).
Those not receiving benefits
For those not receiving benefits who are involuntarily 
unemployed, the periods are taken into account under the 
following conditions and limits: (Article R.351-12(4)(d) of the 
French Social Security Code).
The first period of unemployment for which benefits are not paid, 
whether continuous or not, is taken into account up to a limit of 
one and a half years.
Each subsequent period of unemployment for which a jobseeker 
does not receive benefits is taken into account, up to a maximum 
of one year, provided that it follows continuously on from a period 
of unemployment for which benefits are paid.
Supplementary pension
AGIRC-ARRCO 
Unemployed persons receiving benefits following the end of their 
employment contract may acquire additional pension credits if they 
are covered by the supplementary pension scheme for managers or 
the one for non-manager employees (AGIRC-ARRCO).
Other pension schemes
Unemployed persons covered by other schemes are entitled to 
pension credits if an agreement has been concluded between their 
scheme and Unédic. To date, the pension funds concerned are:
•	
The supplementary pension institution for non tenured 
employees of the State and public authorities (IRCANTEC),
•	
The French lawyer pension fund (CNBF), and
•	
The flight crew pension fund (CRPN).
Shared contribution between pension 
funds and Unemployment insurance
Contribution to jobseekers’ pension credits

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
49
The law entrusts Pôle Emploi with several missions, 
including the calculation and payment of unemployment 
benefits and self-employment benefits. Pôle Emploi 
undertakes its mission on behalf of Unédic, the body that 
manages the unemployment insurance scheme.
 
Prior to 2008, Unédic managed the network of Assédic 
offices which paid benefits to those who had lost their 
jobs. Jobseekers also had to register with the ANPE, which 
helped them in their job search.
In 2008, the roles of assisting jobseekers and paying their 
benefits were merged within Pôle Emploi.
In practice, jobseekers therefore have only one point of 
contact: their Pôle Emploi office.
Their benefits application is made at the time of registering. 
The employer’s certificate or electronic payroll declaration 
(DSN) is sent to Pôle Emploi at the end of the employment 
contract.
Unédic’s ﬁnancing in 2021
€4.3 bn
Unédic's share of 
ﬁnancing
19% funded by Social 
Bonds (€0.8 bn)
6.3 million
Number of beneﬁt recipients
in 2021
79 %
State: 21%
Financing of Pôle Emploi’s 
operating budget
Support

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
50
Unédic implements the unemployment insurance regulations 
and ensures the financing for the unemployment insurance 
scheme.
 
Unédic has 4 roles :
•	
It ensures the financing of benefits to be paid to unemployed 
persons receiving unemployment benefits.
•	
It ensures the proper application of the rules on benefits.
•	
It pays Pôle Emploi the equivalent of 11% of the 
unemployment insurance contributions and other 
contributions, which finances two-thirds of Pôle Emploi’s 
operating budget; since 1 January 2020, financing has 
increased from 10% to 11% of Unédic’s contributions due to the 
increased assistance given to jobseekers.
•	
Together with the State and Pôle Emploi, it defines the 
objectives regarding benefits and assistance to jobseekers 
provided by Pôle Emploi and monitors their achievement 
using indicators and analyses within the framework of the 
Tripartite Agreement.
€37.9 bn
paid to jobseekers 
on behalf of 
Unemployment Insurance
7.8 million
of beneﬁt 
claims processed 
4.4 million
of those registered 
with Pôle Emploi 
found a job, despite 
the health crisis 
(4.1 million in 2020)
6.3 million
registrations as
jobseekers
Pôle Emploi and adaptation of its 
services to jobseekers’ needs
Financing of Pôle Emploi’s operating budget
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
51
RE MOT E SERVICES
467.2 million
visits, of which 56.5% 
from mobile devices 
(tablets, smartphones))
18.9 million
job offers published
5.2 million
recipients of the 
"Instructions for use" 
newsletter
pole-emploi.fr
118,737
members
on the jobseekers
 collaborative platform
1.8 million
visits
R E MOTE  SE R VI CE S
Sphère emploi
37.7 million
calls to 3949,
number for jobseekers 
in 2020
3.15 million
calls to 3995,
number dedicated to 
businesses
R E M OT E  S E R VI C E S
Short numbers
dedicated
 to jobseekers and 
businesses
418.6 million
visits a year
R E MOTE  
SE R VI CE S
Mobile applications
undertaken by advisers
351,065
videoconferences
R E M OT E  
S E R VI C E S
Videoconferences
Continuous adaptation of range of 
services offered by Pôle Emploi
Financing of Pôle Emploi’s operating budget
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
52
65,068
candidates assessed 
using the simulation 
recruitment method 
(SRM)
97.5 %
of businesses satisﬁed 
with the meeting with 
an adviser
88.5 %
of companies that have 
used Pôle Emploi for their 
recruitment think they will 
use Pôle Emploi's services 
again for future hirings
18.9 million
jobs posted on 
pole-emploi.fr
81.2 %
businesses satisﬁed 
with Pôle Emploi's 
services
Corporate services
Financing of Pôle Emploi’s operating budget
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
53
In recent years, Pôle Emploi has continued 
to develop assistance that is differentiated 
according to jobseekers’ needs.
The following schemes are examples of 
various schemes put in place.
These schemes do not cover all Pôle 
Emploi’s many roles. Certain public-policy 
measures concerning employment or 
exceptional support measures financed 
by the State complement the assistance 
detailed below and are financed in part by 
Unédic’s contribution to the functioning of 
Pôle Emploi.
Assisting young people 
Hard hit by the economic and social 
consequences of the crisis, young people 
are receiving prioritised support under 
France’s recovery plan. This is why, as early 
as July 2020, the government announced 
the launch of the # 1jeune#1solution plan, 
which provides €6.5 billion to help young 
people aged between 16 and 25 to find 
work. 
Pôle Emploi is strongly mobilised to deploy 
the benefit schemes and help young people 
find work.
A doubling in the number of places 
available for additional assistance for 
young people (AIJ): 157,000 young people 
benefited in 2020, compared with 100,000 
in 2019.
The programme continued to expand to 
benefit 230,000 young people thanks to 
the hiring of 650 additional advisers. 
Young
people
#1jeune1solution plan
70,000
More than
CIEs in 2021
(employment initiative 
contract)
5,000
More than
events
dedicated to young people
 in 2021
#TousMobilisés
230,000
100,000
in 2019
More than
young people signed 
up for AIJ in 2021
(additional assistance 
for young people)
Beneficiaries’ needs
Financing of Pôle Emploi’s operating budget
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
54
professionals in the service of Pôle Emploi, 
including:
58,829
24,075
dedicated advisers
who monitor and assist 
jobseekers
5,726
advisers dedicated to 
relationship with 
businesses
7,504
advisers dedicated to 
managing beneﬁts
4,659
advisers supporting
the service relationship
978
occupational 
psychologists
896
branches and service points
In 2021, Pôle Emploi 
was the partner of and 
contributed to the 
setting up of more 
than 2,000 structures 
with France services 
certiﬁcation.
99/ 100
gender equality 
index score
Pôle Emploi, major player in the public 
employment service
Financing of Pôle Emploi’s operating budget
Source: Pôle emploi - key figures 2021.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
55
«Protection» mission
«Support» mission
«Protection» and 
«Support» missions
T O TA L
M O N TA N T
Furloughing scheme
Return-to-work-and-training allowance 
(ARE-F)
Career safeguarding contract 
(CSP)
Allowance for creating or taking 
over a business (ARCE)
Return-to-work allowance paid to those 
pursuing a professional project 
(ARE-Project)
Return-to-work allowance (ARE)
Validation of pension credits
Unemployment insurance for casual 
workers employed in the entertainment 
industry (ARE A8-A10)
Allowances and other beneﬁts*
* (ATI, ARE-Mayotte, end of entitlements, unpaid leave)
Financing of Pôle Emploi's operating 
budget
€ 17,000,000,000
€10,000,000,000
 €27,000,000,000
ALLOCATED
2020
ALLOCATED
2021
ALLOCATED
TOTAL
Number of redundancies for 
economic reasons
Number of recipients of pension 
credits through Unédic funding
Number of persons registered with 
Pôle Emploi and having found a job
106 ,810  
4.3 million   
5.5 million 
—
—
126,123  
4.1 million   
5.5 million 
—
—
111,330 
4.4 million   
5.6 million 
—
—
Jobseekers' rate of satisfaction with 
support provided by Pôle Emploi
75.4%
78.4%
82.4%
Rate of access to employment within 
6 months of completion of training
52.0%
_
_
_
49.0%
_
_
_
55.9%
_
_
_
IMPACT INDICATOR
2019
2020
2021
ALLOCATION
100 %
18.6 %
18.6 %
0 %
0 %
18.6 %
0 %
0 %
0 %
18.6 %
100 %
19.2 %
19.2 %
0 %
0 %
19.2 %
0 %
0 %
0 %
19.2 %
ALLOCATION
€781,886,503 
€305,963,075 
€15,912,150,422
€8,938,017,150 
€6,460,004,044 
€514,129,229 
—
—
€781,886,503 
€305,963,075 
—
—
—
 €791,227,401 
€1,573,113,904 
€378,981,260 
€684,944,335 
€8,829,791,339 
€2,469,603,646 
€5,904,836,464 
€455,351,229 
—
—
 €791,227,401 
€378,981,260 
—
—
—
€24,741,941,761 
€11,407,620,796  
€12,364,840,507 
€969,480,458
—
—
€1,573,113,904
€684,944,335 
—
—
—
Pôle emploi – Key ﬁgures
Pôle emploi – Key ﬁgures
Pôle emploi (Historical ﬁle, SISP) / 
Acoss-CCMSA (DPAE) ;  Unédic calculation - 
annual average.
Scope: training prescribed by Pôle emploi
SOURCES
Nominative Social Data (Déclaration Social 
Nominative – DSN) ; Unédic calculation - 
quarterly average from DSN database.
Scope : data representative of all French 
employer establishments in mainland 
France in the private sector, excluding 
agriculture, temporary work and individual 
employers. Series of establishments with 
less than 10 employees are available.
Pôle emploi – Unédic calculation 
(estimation for 2021 due to lack of ﬁnal data 
from supplementary pension schemes).
Number of people eligible for retirement 
points and had been compensated at least 
once during the year.
Unédic’s impact 
indicators

5
Contribution 
to Sustainable 
Development 
Goals

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
57
Protection
Furloughing scheme
Return-to-work allowance 
(ARE)
Contribution to jobseekers’ 
pension credits
Return-to-work-and-training 
allowance (ARE-F)
Financing of Pôle Emploi's 
operating budget
Support
NO
POVERTY
QUALITY
EDUCATION
DECENT WORK
AND ECONOMIC
GROWTH
REDUCED
INEQUALITIES
In 2021, the measures shown in the adjacent chart in respect of 
Unédic’s social bonds continued to serve as a barrier to the spread 
of the socio-economic consequences of the Covid-19 crisis having 
begun in 2020.
The financing of the furloughing scheme kept a substantial portion 
of the scheme’s beneficiaries in employment and avoided the 
closure of companies for which the decline in activity could have led 
to bankruptcy. The scheme also helped produce a strong economic 
recovery and generated job creation, thus contributing to France 
achieving SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities).
The funding of Pôle Emploi and its measures supporting jobseekers 
(job-search assistance, training, benefits) and businesses (recruitment 
advice) also contribute to SDG 1 (No Poverty), SDG 4 (Quality 
Education) and SDG 8 (Decent Work and Economic Growth).
Through its system based on the principle of redistribution (pay as you 
go), the unemployment insurance scheme helps reduce inequality in 
France, particularly with more than 70% of its benefit recipients living 
below the poverty line (SDG 10).
The impact of Unédic-funded schemes 
on the achievement of France’s SDGs

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
58
Unemployment Insurance scheme’s contribution to 
Sustainable Development Goals (SDGs)
«Protection» mission
«Support» mission
«Protection» and 
«Support» missions
Indicators
Rate of living 
conditions poverty
Wealth 
inequalities
Income Inequalities 
- interquintile 
report
Digital skills: 
people who have 
not used the 
Internet in the last 
three months
Young people of
18-24 years of age 
who left school 
early
Young people and 
adults having 
completed initial 
training
Underemployment 
rate
Young people of 
15-24 of age not in 
employment, 
education or 
training
Employment 
rate
Jobs supported in 
employment of 
young persons
Annual growth rate 
of real GDP per 
capita
Return-to-work allowance (ARE)
Furloughing scheme
Validation of pension credits
Unemployment insurance for casual 
workers employed in the entertainment 
industry (ARE A8-A10)
Allowances and other beneﬁts
Financing of Pôle Emploi's operating 
budget
Return-to-work-and-training allowance 
(ARE-F)
Career safeguarding contract 
(CSP)
Allowance for creating or taking 
over a business (ARCE)
Return-to-work allowance paid to those 
pursuing a professional project 
(ARE-Project)
SDG 1 - No Poverty: Goal 1 aims to end poverty and combat inequality in all its forms everywhere. It consists of seven sub-goals: poverty reduction, access to basic services, reduction of the proportion of working poor and of the 
most vulnerable, notably women and children.
SDG 4 - Quality Education: Goal 4 aims to ensure universal access to equitable, free and quality education at all stages of life, including the elimination of gender and income disparities. It also focuses on the acquisition of basic 
and higher-level skills to live in a sustainable society. SDG 4 also calls for the construction and improvement of educational infrastructure, increasing the number of scholarships in higher education in developing countries and 
the number of qualiﬁed teachers in those countries.
SDG 10 - Reduced Inequalities: Goal 10 calls on countries to adapt their policies and legislation in order to increase the incomes of the poorest 40% and to reduce wage inequalities based on sex, age, disability, social or ethnic 
origin and religious afﬁliation. This includes encouraging the representation of developing countries in global decision-making.
SDG 8 - Decent WORK and Economic Growth Goal 8 recognises the importance of sustained, inclusive and sustainable economic growth to provide decent and quality employment for all. It aims to eradicate unworthy work and 
to provide protection for all workers. It promotes the development of training and employment opportunities for new generations, accompanied by an increase in skills for "sustainable" jobs. SDG 8 also provides for enhanced 
international cooperation to support growth and decent employment in developing countries through increased aid for trade, development-oriented policies and a global strategy for youth employment.

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
59
In October 2021, France published an 
assessment of its situation with regard to 
the SDGs. This measure of progress builds on 
Eurostat’s work to analyse progress concerning 
the SDGs over a five-year period.
Topics are grouped into one of three categories:
•	 on track,
•	 to be improved,
•	 significant progress expected*.
 *Categories:
- «on track»: issues where targets are very close to being reached or on the right 
trajectory. 
- «to be improved»: issues where targets are yet to be met, although progress has 
already 
been made.
- «significant progress expected»: issues whose targets are far from being met.
The Social Bond is aligned with the French 
strategy for sustainable development

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
60
State-Pôle Emploi-Unédic tripartite agreement 2019-2022
Agreement between ASP and Unédic on the terms of financing by Unédic of its participation under the furloughing scheme that came into 
force on 1 March 2020
Agreement between Agirc-Arrco and Unédic implementing Decree No 2019-797 of 26 July 2019 relating to the unemployment insurance 
scheme for 2020
Assessment of France in relation to the Sustainable Development Goals
Insee: In 2019, the standard-of-living median increased sharply and the poverty rate decreased
Insee: Advanced estimate of monetary poverty rate and equality indicators
Pôle Emploi: Assist jobseekers and businesses during lockdown
Pôle Emploi: 2020 Annual Report
Pôle Emploi: 2021 Key Figures
United Nations: 17 sustainable development goals
Unédic: Autonomy and jobseekers
Unédic: Jobseekers and ICT
Unédic: Financial forecasts - February 2020
Unédic: Financial forecasts - June 2020
Unédic: Financial forecasts - October 2020
Unédic: Financial forecasts - February 2021
Unédic: Financial forecasts - June 2021
Unédic: Financial forecasts - October 2021
Unédic: Extension of entitlements: what effects on the unemployment insurance scheme?
Unédic: Who are the recipients of Unemployment Insurance benefits in 2019
Unédic: 2020 Activity Report
Unédic: 2020 Financial Report
Unédic: 2021 Activity Report
Unédic: 2021 Financial Report
Bibliography

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
61
Telephone service for anyone wishing to contact Pôle 
Emploi (register or re-register, update their situation, 
etc.).
3949
Regular job search actions for which the jobseeker must 
be able to produce proof.
Active job search 
actions 
Supplementary pension scheme for managers 
("Association Générale des Institutions de Retraites des 
Cadres").
AGIRC
When a debt issue is undertaken, investors listed in 
the order book are allocated according to predefined 
principles.
Allocations (bond 
issuance) 
Eligible expenses to Social Bonds are defined 
and allocated in accordance with Unédic’s Social 
Bond Framework "Protect and support sustainable 
employment".
Allocations (Social 
Bond) 
Agence nationale pour l’emploi - France’s employment 
agency merged in 2008 with the Assédic offices to 
become Pôle Emploi.
ANPE 
Plan to facilitate the entry into working life of young 
people particularly affected by the consequences of the 
health crisis.
1jeune1solution 
Annual report on the allocation of funds raised through 
Social Bonds as well as impact analysis of the expenses 
allocated.
Allocation and 
impact report 
Long-term furloughing scheme ("Activité partielle de 
longue durée").
APLD 
Employment contract which allows the apprentice 
to work in a company under the responsibility of a 
supervisor and receive training in an apprenticeship 
training centre.
Apprenticeship 
(contract)
 
Allowance for creating or taking over a business ("Aide à 
la reprise ou à la creation d’entreprise").
ARCE 
Return-to-work allowance ("Aide au retour à l’emploi").
ARE
Return-to-work allowance in accordance with 
compensation rules as provided for in the Mayotte 
Unemployment insurance convention.
ARE-Mayotte 
Allowance paid to jobseekers who have a career 
development plan, but who are unable to implement the 
plan if they remain in employment.
ARE-Projet 
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
62
Allowance for the self-employed ("Allocation pour les 
travailleurs indépendants").
ATI 
Supplementary pension scheme for non-manager 
employees ("Association pour les régimes de retraite 
complémentaire des salariés").
ARRCO
Association for Employment in Industry and Commerce 
merged with ANPE in 2008 to become Pôle Emploi.
Return-to-work training allowance ("Aide au retour à 
l’emploi formation").
Services and payment agency ("Agence de services et de 
paiement").
AREF 
ASP 
Assédic 
Unemployed person, having to actively look for 
work, regardless of the type of employment contract 
(indefinite duration, fixed-term, full-time, part-time, 
temporary or seasonal.
Person with reduced activity of no more than 78 hours a 
month, required to actively look for work.
Category A 
Category B
Jobseekers are registered with Pôle Emploi according to 
5 categories: A, B, C, D and E. The categories are based 
on jobseekers’ availability for work.
Categories of 
jobseekers 
First level pension. It is collected by any individual who 
has pursued a professional activity or has been affiliated 
to one or more pension funds.
Basic pension 
Beneficiary not receiving benefits under the 
Unemployment insurance scheme.
Beneficiary 
without benefits
Person who does not have sufficient financial resources 
and therefore receives financial assistance.
Benefit recipient
Artist or professional technician who works for live 
entertainment, cinema, and audiovisual companies and 
who benefits from special conditions of registration and 
benefits.
Casual workers in 
the entertainment 
industry
Unemployed person who is not immediately available for 
work, and who is not required to actively look for work 
(jobseeker in training, in poor health, etc.).
Category D 
Person who is employed and not required to actively 
look for work.
Category E 
Person with reduced activity of more than 78 hours a 
month, required to actively look for work.
Category C
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
63
 
National Fund for French Bar AssociationsSocial security 
organization responsible for managing retirement and 
welfare benefits for lawyers.
CNBF
Agreement between several parties governing the rights 
and responsibilities of each party.
Convention
Contribution to the Reduction of the Social Debt 
("Contribution à la réduction de la dette sociale").
CRDS
Supplementary Retirement Fund for Civil Aviation 
Personnel. Organization responsible for managing the 
basic and supplementary retirement plans of salaried 
flight personnel working for a company in France.
Career safeguarding contract ("Contrat de sécurisation 
professionnelle").
Authorised application for the furloughing scheme 
("Demande autorisée").
CRPN
CSP 
 DA
Medium- and long-term debt that is not part of Unédic’s 
Social Bond issuances.
Conventional debt
Allows the employer and employee employed under 
an employment contract of indefinite duration to 
mutually agree on the conditions of termination of 
the employment contract that binds them. It may be 
individual or collective.
Conventional 
termination 
Portion of jobseekers registered in category ABC who 
are eligible for benefits.
Coverage rate
France’s directorate for research, studies and statistics 
("Direction de l’Animation de la recherche, des Études et 
des Statistiques").
DARES
Jobseeker receiving benefits at end of month 
("Demandeurs d’emploi en fin de mois").
DEFM
Jobs endangered by a decline in activity.
Demobilised jobs
Claim under the furloughing scheme ("Demande 
d’indemnisation").
DI 
Electronic payroll declaration ("Déclaration sociale 
nominative").
DSN
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
64
 
Expenditures meeting a set of criteria defined in the 
context of Unédic’s Social Bond issuances.
Eligible 
expenditures
The Environmental, Social and Governance criteria allow 
for the inclusion of long-term sustainable development 
in the strategy of economic actors.
ESG 
National data file of Unemployment Insurance 
beneficiaries ("Fichier national des allocataires").
FNA
The National Employment Fund ("Fonds National de 
l’Emploi") was created to meet the different needs of 
companies in connection with the furloughing scheme.
FNE 
Generalised Social Contribution ("Contribution sociale 
généralisée").
GSC 
Exceptional measure taken in the context of a state of 
emergency.
Emergency 
measure 
Document given by the employer to the employee at 
the end of his or her employment contract. It gives 
entitlement to unemployment benefits.
Employer’s 
certificate
Ratio of the number of employed individuals to the total 
number of individuals.
Employment rate
At the end of entitlement to unemployment benefit, a 
beneficiary may receive new unemployment benefit, if 
he or she fulfils certain conditions.
End-of-
entitlements 
benefit 
Measure decided to extend the entitlements of a 
jobseeker whose entitlements have ended in order to 
protect him.
Extension of 
entitlements 
Plan put in place by the French government to revive 
the French economy following the economic crisis 
linked to the Covid-19 pandemic.
France Relance 
International Capital Market Association.
ICMA
National institute of statistics and economic studies 
("Institut national de la statistique et des études 
économiques").
Insee
International Labour Office.
ILO 
Scheme enabling employers facing specific difficulties 
to cover all or part of the cost of their employees’ pay.
Furloughing 
scheme
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
65
Institutional investors collecting savings whose 
commitments and/or assets are governed by regulatory 
texts.
Supplementary pension institution for non-tenured 
employees of the State and public authorities 
("Institution de Retraite Complémentaire des Agents 
Non Titulaires de l’Etat et des Collectivités").
Investors
Ircantec
Brings together all the purchase intentions of potential 
investors when undertaking a syndicated bond issuance 
on the primary financial market.
Orderbook 
Face value of a bond issuance.
Nominal amount
French Treasury bonds ("Obligations assimilables au 
Trésor").
Pôle emploi.
OAT 
PE
The "International Securities Identification Numbers" 
code is used to identify a security on the financial 
markets.
ISIN Code
Beneficiary receiving benefit under the Unemployment 
insurance scheme.
Jobseeker 
receiving benefits 
Person registered with Pôle Emploi who is entitled to 
benefits.
Jobseeker with 
entitlements
Unédic’s liquidity reserve, the amount of which depends 
on criteria defined by Unédic’s Board of Directors.
Liquidity buffer
As part of the management of the Unemployment 
insurance, the employer has been replaced by Unédic for 
the payment of contributions to supplementary pension 
schemes for benefit recipients.
Pension credits
An individual (or household) is considered to be poor 
when living in a household whose standard of living is 
below the poverty line. In France and Europe, the line is 
most often set at 60% of the median standard of living.
Poverty line
The personalised project for returning to employment 
("Projet personalisé d’accès à l’emploi") is the definition 
of the nature and characteristics of the job or jobs 
sought by a jobseeker.
PPAE 
For the purposes of the ILO, this includes the employed 
population (persons in employment) and the 
unemployed within the meaning of the ILO.
Labour force
Scheme put in place by Pôle Emploi to help young 
people find a job more quickly ("Accompagnement 
Intensif des Jeunes" - AIJ).
Intensive Youth 
Assistance
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
66
Maintenance by an organisation of its employees in 
employment.
Retention of 
workers 
Income to compensate for loss of earnings during a 
period of partial or total inactivity.
Replacement 
income 
Active solidarity income ("Revenu de solidarité active").
RSA
Social Bond Principles defined by the International 
Capital Market Association (ICMA).
Minimum wage in France ("Salaire minimum 
interprofessionnel de croissance").
Debt issued in respect of the Social Bond Framework.
SBPs 
Smic 
Social Bond 
Document illustrating the contribution of the 
Unemployment insurance scheme to the SDG and 
France’s roadmap for implementing the 2030 Agenda.
All payments that individuals and their employers make 
to social security funds and private schemes.
Social Bond 
Framework 
Social security 
contributions
Redundancy for economic reasons is when an 
employee’s employment contract is terminated for 
reasons unrelated to the employee himself. This 
termination is motivated by economic reasons.
Redundancy for 
economic reasons 
Unemployment benefit received net in relation to the 
average monthly wage received during the period of 
activity.
Replacement rate 
Investment fund that incorporates environmental, 
social and governance (ESG) criteria into its investment 
processes and that has the SRI Label defined by France’s 
Ministry of Economy and Finance.
Responsible 
investment funds 
Sustainability development goals of the United Nations.
SDGs
Individual who works for himself.
Self-employed 
Fixed-term contract of duration of less than 1 month.
Short-term 
contract
Unédic internal committee (Finance and Treasury 
Department, Studies and Analysis Department and 
Communication Department) responsible for the 
governance of Unédic’s Social Bond Framework.
Social Bond 
Committee 
Individual recruiting a paid and declared employee, 
without any intermediary and not as part of an 
organisation.
Sole-trader 
employer
Glossary

Allocation and Impact Reporting - Social Bonds 2021 - Unédic
67
Duration of a debt on the issue date and until maturity 
date.
Tenor 
Employment Public Service ("Service public de l’emploi").
Difference between the yield of a bond and a reference 
rate.
SPE 
Spread 
The body responsible for deciding Unédic’s major 
strategic decisions. It is composed of 25 employee 
representatives and 25 employer representatives.
Unédic Board of 
Directors 
Agreement between the State, Unédic and Pôle Emploi.
Tripartite 
Convention 
Measure to support the economy.
Support measure
Pension which supplements the basic pension.
Supplementary 
pension
In Unédic’s chart of accounts, it concerns the income 
and expense items relating to the various schemes 
of Unemployment insurance. Other categories of 
management of the Unemployment insurance chart of 
accounts are Administrative management and Financial 
Management.
Technical 
management
Financial forecasts of the Unemployment insurance 
published by Unédic 3 times a year (February, June, 
October).
Unédic forecasts 
The body responsible for managing Unemployment 
insurance on a day-to-day basis. It is composed 
of 5 employee representatives and 5 employer 
representative.
Unédic’s Bureau 
Replacement income paid by Pôle Emploi, under certain 
conditions, to persons registered as jobseekers and 
involuntarily deprived of employment.
Unemployment 
benefit 
An individual who has not acquired paid leave 
entitlements may receive the unpaid leave allowance if 
the company for which he or she works closes.
Unpaid leave 
allowance 
Corresponds to the rate offered to investors at the time 
of issuance.
Yield
Collective departure scheme within a company based 
on employees accepting redundancy. Employees who 
agree to leave the company benefit from a number of 
compensatory payments.
Voluntary 
redundancy
Glossary

https://www.unedic.org/
Design : WeDoData
FEBRUARY 2023
Update to the Reporting published in December 2022