Summary:
The article discusses the advantages of working in Monaco, where the net salary is higher due to lower social contributions and the availability of family allowances, as well as the higher average salary and more lucrative retirement benefits compared to France.
Full Story:
Monaco continues to attract workers, as evidenced by the increase in the number of employees in the private sector, reaching 58,326 in 2023. The majority of these workers (80%) reside in the Alpes-Maritimes region of France, while 9% live in Italy. The higher attractiveness of Monaco as a working destination is primarily due to the higher net salary, despite the hourly gross minimum wage being the same as in France.
In Monaco, the gross hourly minimum wage is €11.65, the same as in France, but the weekly and monthly salaries are higher due to the longer workweek (39 hours in Monaco and 35 hours in France). Thus, the minimum weekly salary in Monaco is €454.35 gross, and the minimum monthly salary is €1,968.85.
Monaco also offers advantages such as lower social security contributions compared to France. While a Monaco employee earning the minimum wage is subject to around 13% in social security contributions, a French employee is often levied around 20%.
Moreover, Monaco’s social security system provides family allowances that are not income-dependent and are tax-free. This differs from France, where family allowances are based on household income and the number of children. In Monaco, families can receive monthly allowances of €166.40 from birth to three years, €249.60 up to six years, €299.50 up to ten years, and €349.50 from ten years onwards. It is important to note that the father, considered the “head of the household,” must work full-time in Monaco to be eligible for this allowance, and the mother can also claim it in certain cases.
Additionally, after ten years of employment, workers in Monaco become eligible for the Monaco pension, which offers more advantageous retirement benefits compared to France.
In terms of salary distribution, half of the private sector employees in Monaco earn more than €3,074 gross per month, and the average salary, influenced by high earners, is around €4,593 gross per month. The highest-paying sectors include financial and insurance activities, information and communication, and wholesale trade, while the lowest-paying sectors are retail trade, scientific and technical activities, and real estate.
Overall, Monaco’s higher net salary, lower social security contributions, and attractive benefits make it an appealing destination for workers.
Source:
Monaco Tribune
