Compensation and benefits management is a vital part of any company. This process needs to factor in local laws and employee concerns to function — and when you expand internationally, it can...
Read MoreCompensation and benefits management is a vital part of any company. This process needs to factor in local laws and employee concerns to function — and when you expand internationally, it can be challenging to handle it on your own.
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Compensation and benefits management is a vital part of any company. This process needs to factor in local laws and employee concerns to function — and when you expand internationally, it can be challenging to handle it on your own.
When you expand with Globalization Partners, our compensation outsourcing in Monaco helps you pay your employees correctly and offer benefits they’ll enjoy.
The national minimum wage is €10.15 in Monaco, though this number may vary according to the collective agreements in place. The standard workweek is 39 hours, and anything over this amount is considered overtime. Employees receive a 25% increase in pay for the first 8 hours of overtime and a 50% increase for any subsequent hours.
An employee should not work more than 10 hours a day and 47 hours a week unless they receive special clearance from the Labor Inspection. Employers must apply for these clearances before implementing extra overtime. These work hours are calculated across multiple positions, so an employee with more than one job should calculate their work hours collectively.
A collective agreement may make alterations and additions to these terms, including overtime rules and 13th-month bonuses.
As outlined in the country’s labor laws, employees receive benefits like paid holidays, vacation leave and parental leave. Employees earn 12 paid public holidays every year and 2.5 vacation days for every month of work.
Parental leave has regulations for both mothers and fathers. For paternity leave, employees receive their standard pay and earn:
Women receive 16 weeks of maternity leave for their first two births, eight weeks before and after delivery. They receive 26 weeks for their third birth and beyond. Other special circumstances include:
Employees also receive all benefits associated with their social security contributions, including healthcare, unemployment and retirement.
As an employer, you’ll always have to meet the required minimums for employee benefits, but you can provide more than the minimum. Offering additional perks can incentivize workers and make your company more appealing to candidates. Employees may enjoy benefits like:
Since employees receive public assistance with social welfare, benefits should consider the expenses that residency doesn’t cover.
When you work with Globalization Partners, we help you manage your benefits and compensation to ensure your employees receive the salary and additional support they need. We provide benefits packages that align with legal minimums, and they can scale with your business.
You can choose a package based on what you can afford and add more benefits as your business grows. We can also offer recommendations based on the country. When your packages grow with you, you’ll keep your employees satisfied, and you’ll never offer more than you can manage.
While Monaco doesn’t offer many national labor laws, collective agreements may state different terms. Look out for collective agreements within your industry and labor unions to find limitations on compensation and benefits.
Globalization Partners handles compensation and benefits outsourcing in Monaco, so you can feel confident about your employee provisions. We’ll keep your business compliant and your team happy. You also have peace of mind knowing all liability matters are on our shoulders instead of yours. Talk to one of our representatives today to learn more about how we can support your expansion.
If you’re ready to grow your business, or you have questions about a specific country, complete the form. One of our experts will be in touch shortly.
