What is the minimum wage in Monaco?
In Monaco, employees are legally entitled to a minimum of five weeks of paid leave per year, but not necessarily to time off in lieu © Monaco Tribune
For the same gross amount, net salaries are more attractive in Monaco than in France.
Monaco is still attracting workers, as the latest figures show: in the private sector, the number of employees reached 58,326 in 2023, according to Monaco Statistics (IMSEE). An additional 2,089 men and 765 women compared to 2022. While 11% are Monaco residents, an overwhelming majority (80%) of them live in the Alpes-Maritimes and 9% in Italy. If workers are willing to commute, it’s often because the pay is better in Monaco, despite the gross minimum hourly wage (SMIC) being the same as in France. Let us explain why.
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With an increase of 1.13%, the gross SMIC now stands at €11.65 per hour since January 2024, in both Monaco and France. But if we look at the weekly or monthly salary, it is higher in Monaco for the simple reason that a full working week consists of 39 hours in the Principality, as against 35 in France. The gross weekly minimum wage in Monaco is therefore €454.35, or €1,968.85 per month.
Fewer social contributions, more benefits
For the same gross salary, the Monaco employee will have a little more money in his/her pocket at the end of the month. Fewer social contributions are deducted than in France. Those contributions amount for example to about 13% for an employee on the minimum wage in Monaco, whereas for a French employee they will be about 20%.
Another advantage in Monaco is the Social Insurance Funds of Monaco (CCSS) family allowances that French parents can claim upon the arrival of their first child, regardless of income and net of taxes. This is not the case in France, where these allowances depend on household income and the number of children.
In Monaco, a family can therefore be paid €166.40 per month between the birth of the child and their third birthday, then €249.60 euros until they turn 6, €299.50 euros until they are 10, and €349.50 euros from then on. It should be noted, however, that this allowance is only paid on the condition that the father, considered as the “head of household”, works full-time in Monaco. The mother may also be eligible, but only in certain cases. It should also be noted that after 10 years’ employment, employees are entitled to a Monegasque pension. Here too, the ‘pension point’ used to calculate the pension, is worth more than in France.
The average salary
In Monaco, half of private sector employees earn over €3,074 gross per month, and the average salary, boosted by the higher wage earners, is €4,593, according to Monaco Statistics. At the opposite ends of the scale, one in ten employees earns less than €2,126 gross per month, while one in ten is paid over €7,166 euros gross.
The study shows that the three highest-paying sectors are finance and insurance, information and communication, and wholesale trade. The three lowest-paying sectors, on the other hand, are retail trade, scientific and technical activities and real estate related activities.