The employment sector and the amount of salaries remain very attractive in Monaco

The development of digital transformation (cloud, cybersecurity, IOT environment – Internet of Things) is boosting IT-related professions (IT & Telecoms) in banking, insurance and engineering, with rising salaries (from €45K for an IT security manager). According to Hays, jobs in development or integration are better paid than those in infrastructure or support.

Other recruiting sectors, the pillars of the Monegasque economy are financial services, banking and insurance. The majority of the positions offered are related to replacements with top management offers starting at 60 K€ for SMEs and 80 K€ for international groups. The opening of new subsidiaries, particularly in Private Banking, offers positions as managers (from 80 K€) and portfolio managers (from 45/50 K€). In the insurance sector, new positions are also being created for companies already established in the Principality, mainly for claims managers (from 22 K€ at the beginning of their career).

Over its 2 km², the Principality of Monaco has 38,100 inhabitants and 57,867 employees (51% women and 49% men), including 53,091 in the private sector and 4,776 in the public sector. 62.9% of them are French, 15.3% Italian, 6.8% Portuguese, 1.9% Monegasque and 13.1% of other nationalities. The rate of salary charges varies from 13 to 15% and Monegasque pension rights start to be available from ten years of activity on the Rock.

Read the full Hays 2020 study on remuneration in Monaco