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Monaco

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Country Details

Currency

Euro (EUR)

Official language

French

Capital

Monaco

Is English spoken?

Yes

Time Zone

GMT +1:00

Salary payment frequency

Monthly

General Overview & Economic Facts

Information

Monaco’s economy is heavily driven by finance, tourism, real estate, and services. It’s known as a tax haven with no personal income tax for residents, attracting high-net-worth individuals. Employment is supported by luxury services, banking, hospitality, and international business sectors. Monaco’s workforce includes a large number of daily cross-border commuters from France and Italy.

Population size

~39,000 (2023 est.)

GDP

~$8.2 billion (2023 est.)

Inflation level

1.5% (2023 est.)

Average earning + minimum wage

Average monthly salary: ~EUR 5,200; Minimum wage: aligned with French SMIC (EUR 1,766.92/month as of 2024)

Overview of the labour law

Monaco follows French labor laws with minor local adaptations. Employees benefit from strong labor protections, including minimum wage, paid leave, and dismissal procedures. Contracts, probation, notice, and termination must adhere to both the French Labour Code and Monegasque modifications.

Employment Details

Number of Public Holidays

~11 public holidays annually (same as France, but subject to local observance)

Working Hours

Maximum 39 hours per week. A standard workday is around 7.8 hours, Monday to Friday.

Benefits
  • Health Insurance
  • Vision Insurance
  • Dental Insurance
  • Pension or 401(K)
  • Mental Health Support
  • Life and Disability Insurance
Overtime

Overtime is paid at 125% for the first 8 hours/week, then 150% thereafter. Limits and caps apply.

Notice Period

Notice periods vary by role and seniority but are generally between 1 and 3 months.

Probation Period

Must be stipulated in the employment contract. Typically 1 to 3 months.

Severance Pay

Severance depends on length of service; similar to French law (e.g., 1/5th of a month’s pay per year of service)

Employee Income tax

Personal income is not taxed for residents (except French nationals). Corporate taxes apply.

Employer Social cost

Social security contributions by employer are around 30–40% of gross salary.

Employee Social cost

Employee contributions are about 10–15% of gross salary.

Benefit packages

Health Insurance
Vision Insurance
Dental Insurance
Pension or 401(K)
Mental Health Support
Life and Disability Insurance

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