In another "Anglo Saxon" action, a "Plan d'Epargne
d'Enirepiise" was set up for George V employees.
This was a combination tax-deferred savings account
and 401(k) type retirement plan. "This is totally
new in France," Le Calvez claimed. Employees could
contribute up to 4 percent of fheir salary, and the
hotel would match it wifh 2 percent, to be raised
based on profitabilify. The unions signed the agreement,
although they were opposed fo the principle of
a non-govemment-sponsored retirement plan.