Employee Time Savings Account (CET)

The TEC allows the employee to accumulate paid leave entitlements or to receive remuneration, immediate or deferred, in return for periods of leave or rest not taken or the sums allocated to them.

The establishment of a TEC in the company is not mandatory. When established, the TEC is determined by a company or establishment agreement or convention (or, failing that, by a branch agreement or convention).

The employee is not obliged to use it. It assigns rights to it if it so wishes.

The employee may, at his discretion, assign to his TEC rights arising from:

• of the 5^e week of annual leave,
• additional leave for splitting or from conventional entitlements,
• rest periods not taken (example: RTT days),
• various types of remuneration (examples: seniority bonus, 13th month).

The employer can assign to the TEC the hours worked beyond the collective duration (example: overtime) by the employee.

These rights shall be assigned to the TEC subject to conditions and limits laid down in the Convention or Agreement.

The terms of use of the TEC are freely defined by the Convention or Agreement.

The employee may, at his request and in agreement with his employer, use his CET to supplement his remuneration or to gradually cease his activity.

Leave days can be converted into additional pay if the employee has assigned leave days beyond the 5 weeks of annual leave.

The employee can use the sums from his CET to feed his Retirement Savings Plan (RSP).

Rights acquired under a TEC are insured against the risk of non-payment (such as wages) in the event of the company's administration or judicial liquidation. The rights are insured up to €96,120 per employee.

If the employee has acquired rights greater than €96,120, the agreement or arrangement must provide for an insurance or financial guarantee scheme to cover rights acquired in excess of that amount. If no provision has yet been made, the employee shall receive an indemnity corresponding to the monetary conversion of these rights.

The employee who leaves the company (regardless of the reason for the termination of the employment contract) may transfer its rights with another employer, if the Convention or Agreement so provides.

Alternatively, an employee who leaves the company may request the logging of its rights with the Caisse des dépôts et consignations (CDC) in the absence of an agreement setting out the conditions for the transfer of rights. The rights deposited with the CDC may then be released at any time, by the payment of all or part of the sums deposited, at the request of the beneficiary employee or his successors in title. Deposited entitlements may also be released at the request of the beneficiary employee, by transferring all or part of the amounts deposited on the TEC or an employee savings plan set up by a new employer.