Created in 1945 and covering over 70% of the population, the CNAVTS (Caisse nationale d’assurance vieillesse des travailleurs salariés - National Old Age Pension Fund for Salaried Workers) is the largest scheme of France’s social security system. It manages the basic pensions of private-sector salaried workers, paying out more than €80 billion each year, including a contribution to the “compensation” mechanism (system of financial solidarity between schemes to offset demographic and economic disparities).