Finally, we have committed ourselves to measures aimed at addressing France’s weakened competitiveness, via a “National Pact for Growth, Competitiveness, and Employment,” which includes a €20 billion cut in labor costs for employers, to be phased in over three years. A new corporate-tax credit will cut payroll taxes by 6% for all wages below 2.5 times the minimum wage – a step that will benefit more than 80% of all salaried workers.