Discover global hiring strategies from leading recruitment platforms
Learn more
Speed up your global expansion! Expand smartly in 150+ countries with the #1 rated EOR globally.
Explore Multiplier EOR
Book a demo
Discover global hiring strategies from leading recruitment platforms
Learn more
Speed up your global expansion! Expand smartly in 150+ countries with the #1 rated EOR globally.
Explore Multiplier EOR
Your guide to the employment landscape, working customs and local labor laws in Monaco.
Capital
Monaco
Currency
Euro
Languages
French
GDP per Capita
$204,197.97
Employer Tax
27.55%
Payroll Frequency
Monthly
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:
46,500
Top Local Job Boards:
Top Local Job Boards
Number of LinkedIn users:
Number of LinkedIn users
Top Recruitment Agencies:
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 |
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.
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.
The Probation Period for employees in Monaco is determined by the contract or a collective agreement. But it must not exceed three months.
| 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 |
| 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 |
Leave Compliance
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.
| 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 % |
| Type of Contribution | Tax Rate |
| La Caisse Autonome des Retraites (CAR) (The Independent Pensions Fund) | 6.85 % |
| Unemployment Insurance | 2.40 % |
There is no income tax in Monaco.
The Standard VAT rate is 20%
A 13th month pay is not required in the state of Monaco.
The following are some benefits that employees in Monaco receive upon employment:
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)
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.
Expand globally and hire talent in 150+ countries without having to set up an entity. Use Multiplier's Employer of Record to manage the complete employee experience while having the flexibility to enter new markets.
Overtime Pay
Minimum Wage
Overtime Pay
Visa and Immigration
By use case
By team
By company size