| Detailed description: For the past 35 years, the French state has guaranteed persons of the age of
65 and older (60 and older in the case of incapacity to work) a minimum income, the
so-called "old age minimum"; the amount is laid down by the state and is
increased annually on 1 January. The old age minimum consists of two parts
1. AVTS (Allocation aux Vieux Travailleurs Salariés) i.e., payments to old employees
made up both of their own and of derived entitlements, the minimum being laid down by
decrees.
2. The "supplementary old age assistance", the amount of which is dependent on
the AVTS payment, for the two sums must together amount to the old age minimum. The
supplementary old age assistance "is due to all recipients of any kind of financial
benefit from a retirement fund (pensions, assistance, etc.) and to recipients of an
invalidity pension".
Apart from the age and income conditions, the AVTS presupposes permanent residence in
France.
The AVTS is financed by the state old age pension schemes, the supplementary old age
assistance from the so-called Fonds de Solidarité Vieillesse (Old Age Solidarity Fund)
which replaced the so-called Fonds National de Solidarité, FNS (National Solidarity Fund)
in 1994; the latter was set up in 1956 with the aim of "promoting a general policy of
income improvement for the protection of older/old people". |