Financing the French Social security system

Urssaf, identified as “ACOSS” on the financial markets, finances the French social model through optimized cash flow management. It uses the money market to finance any temporary gaps in cash flow and to guarantee continuity in social benefit payments.

investors@acoss.fr

Urssaf's financial missions

Managing cash flow for all the general scheme’s national funds

Urssaf national fund handles cash flow for the other Social Security providers (health, retirement pension, family, industrial accident, and dependency) and ensures that they have the funding they need on a day-to-day basis in order to finance social benefits.

How? By redistributing the contributions it collects to France’s social providers and their partners on a day-to-day basis.

More than 95% of benefits are financed through social security contributions and through income and earmarked taxes. To finance the remainder, Urssaf national fund borrows on the financial market in accordance with applicable regulations.

Accurately forecasting and optimizing cash flow requirements

To optimize its financing activity, Urssaf national fund creates forecasts in order to get the clearest possible picture of the amounts to be collected and disbursed. Toward this aim, it monitors and analyses the Social security funds’ statutory cash flow dates, exemptions, and financing needs.

Determining the general Social Security scheme’s banking market strategy

Urssaf national fund also sets the general Social Security scheme’s banking market strategy, through the involvement of the National Financial Mission. As the central banking service purchaser, it regularly publishes calls for tender.

Optimizing self-employed worker’s reserves

Urssaf national fund assumed management of the financial reserves of the self-employed workers’ supplementary retirement pension and disability-death schemes when they were incorporated into the general scheme in 2020. In this capacity, it performs financial operations and is in charge of procurement for the « Self-employed workers’ social protection council » (Conseil de la protection sociale des travailleurs indépendants.)

Accurately forecasting and optimizing cash flow requirements

A financing strategy that’s recognized worldwide

Urssaf’s financing strategy is well-received by the financial markets, in particular by the money markets’ leadind portal CMD (Collaborative Market Data).

2022 : Awarded Best overall ECP and Neu CP issuer worldwide by CMD
2022 : World's first issue of Neu CP and ECP SPO according to the criteria of "social good principles"
2021 and 2019 : Awarded Best overall ECP issuer worldwide by CMD– despite exceptional financing needs which reached a historic level of 90 billion euros
2020 : Awarded Best overall ECP and Neu CP issuer worldwide – despite exceptional financing needs which reached a historic level of 90 billion euros by CMD
2018, 2017, 2016 : Best ECP issuer award in the sovereign, supranational, and agency category by CMD