Day: 29 May 2024

A long-awaited remote working agreement between Monaco and Italy is finally coming into force from 1st June. 

According to a press statement Wednesday, an amendment to the General Social Security Convention between the Principality of Monaco and the Italian Republic has been ratified by the authorities of both countries and will become effective on 1st June 2024.

“The Prince’s Government is delighted with the outcome of this file, which required several years of negotiations with Italy, until the signing in Monaco on 10th May 2021 of amendment no. 1 by Pierre Dartout, Minister of State, and Andrea Orlando, then Italian Minister of Labor and Social Policies,” said the government. 

Italy to be aligned with France in remote working rights

The agreement provides a definition of teleworking and establishes that teleworkers living in Italy can be governed by Monegasque social legislation throughout their employment as teleworkers for a company based in the Principality of Monaco.

“This expansion of access to teleworking to a new segment of employees is a major step forward both for the Principality and for Italy and will allow, in the coming decades, to respond effectively to the challenges posed by the consequences of the success of the economic development of Monaco, in particular the smallness of our territory, while promoting access to employment for Italian employees,” said the government.

The teleworking agreement must be formalised through an employment contract or an amendment to the employment contract, requiring the teleworking employee to be present at least one-third of their working time in the company to “maintain the necessary connection with the teams”, similar to the requirement for teleworkers residing in France.

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On the back of a very successful 2023/2024 fiscal year and a 6% increase in revenue, Société des Bains de Mer (SBM) President Delegate Stéphane Valeri has revealed plans to renovate two of Monaco’s biggest hotels. 

Stéphane Valeri hosted a press conference on Wednesday 29th May at the Monte-Carlo Bay Hotel and Resort, during which he delivered the financial report of Monaco’s largest company. 

It shows that SBM’s operational profit rose by €1.4 million, to €73.6 million, while net profit stood at €103.9 million, reflecting the company’s solid financial model. 

This takes into account the company’s recent strategic moves, including the acquisition of the Palace des Neiges in Courchevel in October 2023, and the reopening of Café de Paris last November.

See more: SBM marks new era in business, officially purchases luxury ‘Palace des Neiges’ in Courchevel

“We will see the lasting results from our new development in four to five years, but I can already see that we have a better result now than last year,” Stéphane Valeri said during the press conference.

Consolidated revenue for 2023/2024 stood at €704 million, up €37 million from the previous year. This includes substantial gains from the gaming and rental sectors, with operating profits increasing by €3.8 million and €8.5 million respectively. 

These gains offset a €5.8 million decline in the hospitality sector’s operating profit, impacted by non-recurring costs related to the pre-opening expenses of Café de Paris and Amazónico.

Exciting new renovations planned

Stéphane Valeri took the opportunity to announce that major renovations are planned for two of SBM’s most iconic institutions – the Hermitage Hotel and the Monte-Carlo Bay Hotel and Resort this autumn. 

“The rooms in these establishments are slowly becoming outdated, so to please our clients, we will renovate them during the low season. The renovations will occur in stages so that the hotels can remain operational during the refurbishment,” revealed Valeri. 

The result is expected to be similar to Hôtel de Paris’s facelift, which underwent a four-year renovation costing €280 million and opened to the public in 2019. More information about the renovations will be released in the upcoming months.

“SBM’s performance was at the level of Charles Leclerc’s”

Hospitality is a major sector in the Principality, especially during its most significant events, such as the Monaco Grand Prix, which ended with a historic home win by Charles Leclerc on the weekend, the first Monegasque to win the Grand Prix in 93 years.

“I cannot disclose the numbers from the Grand Prix yet, but I can say that SBM’s performance during the race week was at that level of Charles Leclerc’s,” said Valeri with a smile. 

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Photo by Monaco Life