Business · Economy · 2 hrs ago
French managers’ inflation-adjusted pay falls 3.6%
In France, APEC says managers’ inflation-adjusted pay fell 3.6%.
The association’s survey measures pay after taking rising prices into account, which shows how much salaries can buy.
Median annual gross pay fell nearly 2% to €54,000 over the year, including fixed and variable pay.
Consumer prices rose 3.4% in the year to October, while only 46% of managers received a pay rise in 2026, down from 53% in 2025 and 60% in 2024.
This is only the second fall in median pay since APEC began its survey in 2007; the previous one was in 2010 after the financial crisis.
Pay increases have become managers’ top priority, and those facing losses in purchasing power report lower satisfaction with their working lives.
French managers’ inflation-adjusted pay fell 3.6%, according to a report by the Association for the Employment of Executives (APEC).
Their median gross annual pay, including fixed and variable components, fell by nearly 2% over a year to €54,000.
Consumer prices rose 3.4% year-on-year in October 2026, while 46% of managers received a pay rise.
More than half of managers said salary increases were their top priority.
APEC said this was only the second decline in median pay since its barometer began in 2007.
- Who
- French managers, according to APEC.
- What
- Their inflation-adjusted pay fell 3.6%; median gross annual pay declined by nearly 2% to €54,000.
- When
- The APEC barometer was published on 5 November 2026.
- Where
- France.
- Why
- Pay increases did not keep pace with inflation; consumer prices rose 3.4% year-on-year in October 2026.
This story does not have two clearly opposing sides.
APEC recorded the previous decline in median pay, following the financial crisis.
60% of managers received a pay rise.
53% of managers received a pay rise.
Consumer prices were up 3.4% year-on-year.
APEC published its barometer reporting a 3.6% fall in managers’ real pay.
- Real pay change
- Down 3.6%
- Median gross annual pay
- €54,000, down nearly 2% over a year
- Managers receiving a pay rise in 2026
- 46%
- Consumer price inflation
- 3.4% year-on-year in October 2026
- Previous median-pay decline
- 2010
3 sources
"Une rémunération qui progresse moins vite que l'inflation": les cadres ont perdu près de 12% de pouvoir d'achat depuis 2007 et leur situation continue de se dégrader rapidement
La rémunération des cadres décline pour la première fois depuis 2010
« Un niveau inférieur à celui de 2021 » : en France, la grande stagnation des salaires réels
What people are saying
This is only the second time we have observed a decline in median pay since the barometer began in 2007. The first time was in 2010, in the wake of the financial crisis.