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Talent Wiki – Monaco

Your quick guide on talent and labor compliance norms in Monaco

Capital

Monaco

Currency

Euro

Languages

French

Payroll Frequency

Monthly

GDP per Capita

$204,197.97

Employer Tax

27.55%

Talent Overview

The principality of Monaco is a sovereign city-state in the French Riviera and is well known to be a tourist destination in western Europe. Its generally warm climate has been popular with European visitors and has greatly contributed to their services sector. Moreover, Monaco does not have income taxes and low business taxes, making them a tax haven for foreign businesses.

Major economic hubs:

Monaco, Monte-Carlo, La Condamine

Skills in demand:

Financial services and Insurance, Hospitality and Tourism, Hi-tech Research

Local Universities

The top local universities in Monaco are as follows:

International University of Monaco

RANKING

Local: 1

World : 5855

Salary Data

Some of the common jobs with average monthly salary in Monaco is mentioned below;

Job Title Average Monthly Salary (EUR) Average Monthly Salary (USD)
Accountant 2,920 3,140
Software Engineer 3,940 4,236
Financial Analyst 5,300 5,698
Graphic Designer 2,840 3,053
Project Manager 4,930 5,300
Sales Manager 6,790 7,300

Talent Sourcing Tips

Top Local Job Boards:

Monte-Carlo.mc, JobMonaco 

Number of LinkedIn users:

46,500

Top Recruitment Agencies:

Monaco EquipageUpToo, Ingenn

Employing in Monaco

Onboarding local employees in Monaco will require employers to be familiar with the laws concerning employment. The provisions are stated in different sections of the government laws observed in their state. Below is a summary of the important points that businesses must be aware of before hiring employees in Monaco. 

Employee Contract

Employment contracts in Monaco are generally expressed in French. But for foreign employees, it may be written in their local language, provided that a French translation is available. 

Probation Period

The Probation Period for employees in Monaco is determined by the contract or a collective agreement. But it must not exceed three months. 

Public and Provincial Holidays

Date Name Type
1 Jan New Year’s Day National holiday
2 Jan Day off for New Year’s Day National holiday
27 Jan Saint Dévote’s Day National holiday
10 Apr Easter Monday National holiday
1 May Labour Day/May Day National holiday
18 May Ascension Day National holiday
29 May Whit Monday National holiday
8 Jun Corpus Christi National holiday
15 Aug Assumption of Mary National holiday
1 Nov All Saints’ Day National holiday
19 Nov National Day National holiday
20 Nov Day off for National Day National holiday
8 Dec Feast of the Immaculate Conception National holiday
25 Dec Christmas Day National holiday

Employee Leaves

Type of Leave Time Period Mandatory
Annual Leave 30 days Yes 
Sick Leave Base on Collective agreement No
Maternity Leave 16 to 46 weeks Yes

 

Payroll

Payroll Cycle

Payroll in Monaco is done monthly.

Minimum Wage

The minimum wage in Monaco is EUR 11.07 per hour.

Overtime Pay

Compensation for extra work performed by employees in Monaco is calculated on a weekly basis. For the first 8 hours of overtime work in a week, employees will receive 125% of their regular hourly rate. In the succeeding hours after that, the pay will be 150% of their regular hourly rate. 

Bonus

13th Month Pay

A 13th month pay is not required in the state of Monaco. 

Employee Benefits

The following are some benefits that employees in Monaco receive upon employment:

  • Social Benefits
  • Pension
  • Paid Leaves 
  • Medical and Health Benefits

Taxes

Employer Payroll Tax

Type of Contribution Tax Rate
La Caisse de Compensation des Services Sociaux (CCSS) (The Social Services Compensation Fund) 14.45 %
La Caisse Autonome des Retraites (CAR) (The Independent Pensions Fund) 9.05 %
Unemployment Insurance 4.05 %

Employee Payroll Tax

Type of Contribution Tax Rate
La Caisse Autonome des Retraites (CAR) (The Independent Pensions Fund) 6.85 %
Unemployment Insurance 2.40 %

Employee Income Tax

There is no income tax in Monaco. 

VAT

The Standard VAT rate is 20%

Offboarding & Termination

Dismissing an employee in Monaco can happen due to professional incapacity, disciplinary action, or economic difficulties. Employment termination may also occur through resignation, end of a definite period contract or retirement. In all cases, a notice must be submitted to inform the other party of the decision to end the employment.

Terminated employees will be given a notice period based on what was indicated in their contracts or in the collective bargaining agreement. The maximum notice period in Monaco is two months. 

Severance pay in Monaco is usually set by the collective bargaining agreement. But it must be no lesser than the French dismissal indemnity (25% of an employee’s monthly salary)

Visa and Immigration

For Foreigners to work in Monaco legally, their employers must obtain a work permit from the Monaco Employment Service. Afterwhich, the foreign employee has to apply for a long-stay visa that is valid for a year to enter and stay in the country for work. 

Streamline payroll and compliance for your international workforce

Payroll

Minimum Wage

Overtime Pay

Visa & Immigration