ANCV Holiday Vouchers Simulator 2026
Estimate the real value of holiday vouchers in 2026, on the employer side (cost vs an equivalent bonus) or for a self-employed director (net cost and purchasing-power gain), with the up-to-date €560.11 cap.
Compare the employer cost of a holiday-voucher contribution with an equivalent bonus.
For a self-employed director, measure the real net cost of an envelope and the purchasing-power gain.
Work with the up-to-date 2026 cap (€560.11 since 1 June) and CSG/CRDS still due.
Quick answer
How do you simulate the cost and benefit of holiday vouchers in 2026?
In a French company with fewer than 50 employees and no works council (CSE), the employer’s contribution to holiday vouchers (chèques-vacances) is exempt from social security contributions up to 30% of the monthly minimum wage per employee per year, that is €560.11 since 1 June 2026; CSG and CRDS (9.7%) remain due. The employer funds at most 80% of the voucher value (50% if average pay exceeds €4,005 a month), plus 5% per dependent child up to 15%. Under the simulator’s assumptions, for an employee taxed at a 30% marginal rate, a bonus giving the same net amount costs the company about 2.4 times as much.
- 2026 exemption cap
- €560.11 per employee per year (€546.91 before 1 June)
- Maximum employer share
- 80% or 50% of the value, + 5% per child (15% at most)
- CSG and CRDS
- 9.7% of the contribution, always due
Reviewed by Samuel Hayot, chartered accountant (Ordre des experts-comptables), last updated
Holiday vouchers: who pays, and on what conditions
A holiday voucher (chèque-vacances) is a means of payment issued by the French national holiday voucher agency (ANCV). Funding is shared: the employer pays part of the voucher value and the employee pays the rest. The social security and tax treatment of the employer’s share depends on the channel through which the vouchers are granted.
In a company with fewer than 50 employees and no works council, article L. 411-9 of the French Tourism Code exempts the employer’s contribution from social security contributions, except CSG and CRDS, up to 30% of the monthly minimum wage per beneficiary per year. When the works council funds the vouchers from its social and cultural activities budget, the rules of those activities apply. The managers of a company with fewer than 50 employees can also benefit.
For income tax, the employer’s contribution is exempt for the employee up to one monthly minimum wage per year (article 81, 19° bis of the French Tax Code). That tax limit is higher than the social security limit: in practice, the €560.11 cap sets the worthwhile amount.
The formulas used by the simulator
- Exempt contribution
- min(contribution per employee; 30% of the monthly minimum wage) = min(contribution; €560.11)
- Maximum employer share
- 80% if average pay over the last 3 months is below €4,005, otherwise 50%; + 5% per dependent child (15% at most)
- Value of the vouchers handed over
- Contribution ÷ employer share (the employee pays the difference)
- Cost used for the company
- Contribution × (1 + 9.7%), with CSG and CRDS included as a cautious assumption
- Gross bonus giving the same net amount
- Contribution ÷ ((1 − 22%) × (1 − marginal income tax rate))
- Cost of that bonus
- Gross bonus × 1.42
The 22% employee contribution rate and the 42% employer contribution rate are flat rates: close to the minimum wage, the general reduction in contributions lowers the real cost of a bonus. The simulator applies 5% per child; the increase is 10% for a child with a disability. The result remains an estimate.
Setting up holiday vouchers in 5 steps
The method follows the order of the checks on which the exemption depends. The simulator comes in at the fifth step, once the framework is set.
- 1
Identify the channel
Employer with fewer than 50 employees and no works council, works council funding from its social and cultural activities budget, or self-employed manager: exemption rules, caps and CSG differ.
- 2
Set the contribution under the cap
The exempt share is limited to 30% of the monthly minimum wage per employee per year: €546.91 until 31 May 2026, €560.11 since 1 June, after the minimum wage rose to €1,867.02. Above that, the excess is subject to contributions.
- 3
Apply the right employer share
The employer funds at most 80% of the voucher value if the employee’s average pay over the last three months is below €4,005 a month, 50% above that, plus 5% per dependent child (10% for a child with a disability), up to 15%.
- 4
Check the overall cap and put it in writing
Article L. 411-11 of the Tourism Code caps the company’s annual contribution at half of its headcount multiplied by the monthly minimum wage, social charges included, assessed on 1 January. The allocation rules are written down and applied without discrimination.
- 5
Compare with a bonus and record it in payroll
The simulator compares the cost of the contribution with that of a bonus giving the same net amount. Once decided, the contribution and the CSG/CRDS appear on the payslip for the month of allocation and in the monthly payroll filing (DSN).
Worked example: 10 employees, a €300 contribution each
A company with 10 employees and no works council grants each of them a €300 contribution. The employees earn less than €4,005 a month, have no declared dependent child and pay income tax at a 30% marginal rate. These are the simulator’s default values in employer mode.
| Step | Calculation | Amount |
|---|---|---|
| Contribution per employee | Under the €560.11 cap | €300 |
| Value of the vouchers handed over | 300 ÷ 80% | €375, of which €75 paid by the employee |
| Company budget | 10 × 300 | €3,000 |
| CSG and CRDS | 3,000 × 9.7% | €291 |
| Cost used by the simulator | 3,000 + 291 | €3,291 |
| Gross bonus for the same net amount | 300 ÷ (0.78 × 0.70) | €549.45 per employee |
| Cost of the bonus for the company | 549.45 × 1.42 × 10 | €7,802.20 |
| Difference in favour of holiday vouchers | 7,802.20 − 3,291 | €4,511.20 |
Reading: for the same net amount to the employee, the bonus would cost about 2.4 times as much as the holiday voucher contribution, using the simulator’s flat rates. The gap narrows close to the minimum wage, where the general reduction lightens the contributions on a bonus, and the contribution stops being exempt above €560.11 per employee. In self-employed manager mode, the default values (€560 of holiday vouchers, 30% marginal rate, 30% contributions) give a net cost of €278.32: €168 less income tax and €168 less contributions, €54.32 of CSG and CRDS on top.
The three funding channels in 2026
The same holiday voucher does not cost the same depending on who funds it. This table sums up the differences that matter for the calculation.
| Channel | Social security exemption cap | CSG and CRDS | Point to watch |
|---|---|---|---|
| Employer with fewer than 50 employees and no works council | 30% of the monthly minimum wage per employee per year: €560.11 since 1 June 2026 | Due (9.7%) | Employer share of 80% or 50% of the value, increases for children, overall company cap |
| Works council, from its social and cultural activities budget | No annual cap | Not due | Funding by the works council alone, with no employer participation, and allocation on objective, non-discriminatory criteria |
| Self-employed manager of a company with fewer than 50 employees | 30% of the monthly minimum wage per year | Due (9.7%) | Actual (real) tax regime required: a micro-entrepreneur deducts nothing |
Indicative summary: the applicable channel depends on headcount, on whether there is a works council and on the beneficiary’s status.
Good practice before granting holiday vouchers
- Check the cap at the date of allocation: €546.91 until 31 May 2026, €560.11 since 1 June.
- Work out the employer share employee by employee, from average pay over the last three months and dependent children.
- Write down the allocation rules (unilateral decision, agreement or internal memo) and apply them to everyone in the same way.
- Compare with a bonus, taking the general reduction close to the minimum wage into account, before announcing a gain to employees.
- Show the contribution and the CSG/CRDS on the payslip for the month of allocation, and keep the ANCV order records.
Common mistakes
Exceeding the cap without noticing
The part of the contribution above €560.11 per employee per year is no longer exempt: it bears social security contributions like salary.
Applying 80% to everyone
The 80% rate is only available if average pay over the last three months is below €4,005 a month; above that, the employer share is limited to 50%, before increases for children.
Forgetting CSG and CRDS
The exemption covers neither CSG nor CRDS: 9.7% remains due on the employer’s contribution, from the first euro.
Mixing up the works council channel and the employer channel
The social and cultural activities regime requires funding by the works council from its dedicated budget. A company without a works council falls under article L. 411-9, with its cap of 30% of the minimum wage.
Holiday vouchers 2026: a simple but regulated lever
The appeal lies in a favourable social regime under strict conditions. The simulator gives an order of magnitude; the right setup then depends on status (employer with or without a CSE, self-employed director), formalities and the annual cap.
Employer without a CSE
The direct contribution is exempt from contributions up to 30% of the monthly SMIC (€560.11 per employee per year since 1 June 2026), but CSG/CRDS and the mobility levy remain due.
- Funding capped at 80% of face value (pay below the €4,005 PMSS) or 50%.
- Honest comparison with a fully charged classic bonus.
- Non-discriminatory allocation and written formalisation required.
Director / self-employed (TNS)
A non-salaried business owner with fewer than 50 employees can acquire holiday vouchers directly from the ANCV, within the same €560.11 cap, exempt from income tax and TNS contributions (excluding CSG/CRDS).
- Income-tax saving at your marginal rate.
- TNS contribution saving on the amount acquired.
- Micro-BNC not eligible: you must be under the actual regime (form 2035).
Employer with a CSE
When the CSE funds holiday vouchers through its social and cultural activities (ASC) budget, the exemption becomes total and uncapped, with no CSG/CRDS: the most favourable channel.
- No annual exemption cap via the ASC budget.
- Modulation criteria limited to the family quotient and reference tax income.
- Charged to the ASC budget, never to the operating budget.
Before rolling out holiday vouchers
A useful simulation should be read alongside the real status, the formalities and the cap applicable at the time of the order.
- Identify the right channel: employer without a CSE, employer with a CSE, or direct TNS acquisition.
- Check the cap in force (€560.11 since 1 June 2026) and the funding rate.
- Formalise the allocation (memo, unilateral decision, agreement) on a non-discriminatory basis.
- Report the contribution in payroll and the DSN, and keep the supporting documents.
Our accountant’s view
Holiday vouchers are a very efficient purchasing-power lever on the first €560, but marginal beyond that. The real issue is not the gain a simulator shows, it is the right channel (employer, CSE or TNS), the formalities and payroll traceability: that is where the exemption and safety against a URSSAF reassessment are decided.
The underestimated risk
An allocation without written criteria, a breach of the cap or confusion with a cash bonus leads to the benefit being reintegrated into the contribution base. Formalities condition the exemption.
Watch points
- Annual cap of €560.11 per beneficiary (since 1 June 2026).
- CSG/CRDS at 9.7% and the mobility levy due on the contribution.
- Micro-BNC not eligible for the deduction.
- Non-discriminatory, formalised allocation criteria.
Holiday vouchers simulator FAQ
What is the holiday-voucher cap in 2026?
The exemption cap is 30% of the gross monthly SMIC: €546.91 from 1 January to 31 May 2026, then €560.11 since 1 June (SMIC raised to €1,867.02). The cap is annual and per beneficiary.
Does the simulator account for CSG/CRDS?
Yes. CSG and CRDS (9.7%) remain due on both the employer contribution and the TNS acquisition, and are shown separately in the result. The mobility levy is not modelled.
Are the charge rates used exact?
The employer (~42%) and employee (~22%) charge rates are flat and simplified: the real cost is degressive near the SMIC (the RGDU general reduction). The estimate remains indicative.
Can a SASU president use this simulator?
The TNS mode targets non-salaried business owners (BNC, majority SARL manager, sole trader). A SASU president is an assimilated employee: the topic is handled via the company’s employer contribution, on a case-by-case basis.
How much do €300 of holiday vouchers cost the employer?
In a company with fewer than 50 employees and no works council, a €300 contribution is exempt from social security contributions but bears CSG and CRDS at 9.7%, that is €29.10. The simulator adds that amount to the cost, giving €329.10 per employee. For an employee taxed at a 30% marginal rate, a bonus giving the same net amount would cost about €780 with the tool’s flat rates.
What employer share can the employer apply?
At most 80% of the voucher value if the employee’s average pay over the last three months is below €4,005 a month, and 50% above that. These rates increase by 5% per dependent child and 10% per child with a disability, up to 15%.
Is there an overall cap for the company?
Yes. Under article L. 411-11 of the French Tourism Code, the employer’s overall annual contribution cannot exceed half of its headcount multiplied by the monthly minimum wage, social charges included, assessed on 1 January of the year.
Are holiday vouchers taxable for the employee?
The employer’s contribution is exempt from income tax up to one monthly minimum wage per employee per year (article 81, 19° bis of the French Tax Code). CSG and CRDS remain due on the contribution.
Official sources
Data up to date for 2026 (€560.11 cap since 1 June 2026).
Go further
Secure the rollout of your holiday vouchers
We calibrate the scheme (employer, CSE or TNS), draft the allocation rules and ensure clean integration into payroll and the DSN.