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Euro is the official currency of Monaco Its currency symbol is €, EUR.
Estimated at 27.55% of employees salary
French is the official language of Monaco
The population of Monaco is 36,000
Employees are paid monthly
To start growing your team in Monaco, you must establish a local entity – including an account with a local bank, a local office and an address registered as a subsidiary. This allows you to manage payroll, tax, benefits and compliance for your employees, but can take several months. Emerald can hire and payroll your workers quickly and compliantly with their ‘ready to go’ entity. Make growing your team simple with Emerald as a global partner.
Emerald can hire and payroll your workers, quickly and compliantly with their ready to go entity. Make growing your team simple with Emerald as a global partner.
Hiring employees in Monaco offers several advantages and challenges. On the positive side, Monaco’s attractive tax regime, with no personal income tax, makes it appealing for high-calibre talent, while its status as a financial and business hub provides access to a skilled workforce. Additionally, Monaco’s strategic location on the French Riviera facilitates connections with other European markets. However, the high cost of living and stringent residency requirements can make recruitment and compensation more expensive. Moreover, the small size of Monaco’s labour market might limit the availability of specialized skills, and employers need to navigate complex local regulations and high operating costs, including high social security contributions and elevated salaries to match the cost of living.
Hiring employees in Monaco offers several advantages and challenges. On the positive side, Monaco’s attractive tax regime, with no personal income tax, makes it appealing for high-calibre talent, while its status as a financial and business hub provides access to a skilled workforce. Additionally, Monaco’s strategic location on the French Riviera facilitates connections with other European markets. However, the high cost of living and stringent residency requirements can make recruitment and compensation more expensive. Moreover, the small size of Monaco’s labour market might limit the availability of specialized skills, and employers need to navigate complex local regulations and high operating costs, including high social security contributions and elevated salaries to match the cost of living.
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| Social Security Contributions | 13.5% |
| Retirement Contributions | 8.0% |
| Healthcare Contributions | 4.5% |
| Other Statutory Contributions | 1.55% |
Social Security Benefits
Pension
Paid Leave
Medical and Health Benefits
Probation Period: The length of probation is contractually agreed, but should not exceed 3 months.
Emerald Technology can onboard employees in Monaco within 48 hours.
Non-Compete Clauses: Employers may include non-compete clauses in employment contracts, which restrict employees from working for competitors or starting a similar business within a defined geographic area and time period after leaving the company. Such clauses must be reasonable in scope, duration, and geographic reach to be enforceable.
Non-Solicitation Clauses: These clauses prevent employees from soliciting clients, customers, or other employees of the company for a specific period after their departure.
Confidentiality Agreements: Employees are typically required to keep company trade secrets and confidential information private, both during and after their employment.
Enforceability: Restrictive covenants must be fair and not overly restrictive to be enforceable under Monegasque law. They must be specifically outlined in the employment contract and agreed upon by both parties.
In Monaco, health insurance is part of the broad social security system, which employees are required to be enrolled in as it ensures that there is access to key medical services such as mental health services, prescriptions and hospitalization. Employers and employees must contribute to funding the healthcare system and it is calculated based on employee gross salary.
Social Security contributions are mandatory for both employers and employees in Monaco in order to fund benefits such as pensions, healthcare, unemployment insurance and family benefits and it is managed by the Caisses Sociales de Monaco (CSM). Generally, employers contribute between 24% and 28% of the employee’s gross salary but this depends on the job sector and risk factors associated with the job. Employees contribute 13% of their gross salary towards social security.
Female employees are entitled to 16 weeks of maternity leave, which includes 8 weeks before the expected delivery date and 8 weeks after the birth. This period can be extended if there are complications during the pregnancy or childbirth. During maternity leave, employees receive maternity benefits from the social security system. The benefits amount to approximately 100% of the employee’s average salary, up to a maximum cap set by the social security regulations.
Fathers are entitled to 10 days of paid paternity leave, funded by social security. This can be taken up until the child turns 4 months old.
Parents are entitled to parental leave of up to 3 years. This leave is available to either parent, or shared between both, following the end of maternity or paternity leave. However, this leave is typically unpaid.
Employees can take up to 6 months of sick leave in Monaco, provided they provide the correct medical certification. The compensation received from social security will range from 50% to 100% of the salary dependent on the duration and nature of the sick leave.
As the legal employer, Emerald Technology requires the following employee documents to ensure complete compliance:
When an employer dismisses an employee it must be with just cause and they must give them notice. The notice period starts from the day after the employer notifies the employee of the termination. Notice must be given in accordance with the following schedule at a minimum:
Notice periods in Monaco are contractually agreed but should not exceed 2 months. |
If an employee is made redundant, they are entitled to a payment based on years of continuous service.
Severance pay in Monaco is usually set in the employment contract. But it must be no lesser than the French dismissal indemnity (25% of an employee’s monthly salary). |
A full-time employee is entitled to 30 days paid annual leave
The minimum wage in Monaco is EUR 11.65 per hour.
Working Hours: In Monaco, the standard working week is 35 hours. Employees typically work 7 hours a day from Monday to Friday.
Overtime: 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.
Monthly
In Monaco, there is no statutory requirement for a 13th-month salary or a bonus. However, it is common practice for employers to provide a 13th-month salary or annual bonus as part of their compensation packages.
0% without exception.
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