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Day: 18 June 2024

How much do private sector workers earn in Monaco?

by: Elsa Carpenter
18/06/2024
private sector monaco

The average monthly earnings for a private sector worker are on the rise in the Principality, growing by more than 5% between 2022 and 2023 to reach €4,841, with one in 10 employees taking home in excess of €7,346 each month. 

According to a new report by IMSEE, Monaco’s dedicated statistical agency, the average monthly salary for a full-time private sector worker sat at €4,841 gross in 2023. This is up 5.2% on the figures reported in 2022, a rise matched by the median salary, which has been calculated at €3,256 for the same year. 

To compare with the latest confirmed earnings in France, which date from 2022, Monaco’s private sector workers make considerably more. In France, the average monthly pay for that year was €3,466 gross for a full-time private sector worker, or €2,630 net.  

Highest and lowest earners

The gap between the highest and lowest salaries in Monaco appears to be narrowing. A bigger increase in pay was noted among the Principality’s lowest-paid private sector workers in 2023, salaries rose by 5.4% on data collected in 2022, against a more moderate 2.5% at the top end of the scale. 

See more: A will to work in Monaco: The Principality’s private sector is booming

One in 10 private sector employees in Monaco makes in excess of €7,346 a month. In comparison, one in 10 full-time workers earns less than €2,241. 

Women are less likely to feature in the upper pay brackets than men. Just 16% of Monaco’s top 1% earners in 2023 were women, and the average salary for a female full-time private sector worker was 18.3% lower than that of her male counterpart. 

The biggest earners according to the median monthly salaries were workers in the 45-to-54 age group, who made €3,539 a month. Salaries were relatively equal either side of this category, except for Monaco’s youngest private sector workers, the 15-to-24 group, whose median salary was €2,434 in 2023.  

Finance and insurance workers earn the most on average 

The highest-paid sectors include: financial and insurance activities, where the average monthly salary sat at €6,305; information and communication, with €4,195; and wholesale trade, where the average salary was €3,747, according to IMSEE. 

The report also highlighted the significant pay gaps between the top three sectors and the bottom three: construction, €2,931; scientific and technical activities, €2,898; and retail trade, €2,894.  

Read related:

Science and technical activities companies are Monaco’s biggest private sector employers

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok. 

 

 Photo source: Hugo Rouquette, Unsplash

Océano Pour Tous unites schoolchildren from around the world

by: Niki Borisova
18/06/2024
Océano Pour Tous

The recent awards ceremony for the 2024 edition of the Océano Pour Tous competition, which seeks to inspire the next generation of children to collectively create and implement ways to protect the marine environment, brought together nine classes of students from around the world for a day of learning and celebration at the Musée Océanographique de Monaco. 

The Océanographic Museum of Monaco recently celebrated a decade of marine conservation education under the Océano Pour Tous banner. For 10 years now, the competition has encouraged children in primary and secondary schools across the globe to come up with new and innovative ideas relating to ocean conservation and protections for the marine biodiversity.  

On Wednesday 12th June, the nine winning local and international classes who had entered this year’s competition were invited to the museum to receive their awards in person or virtually for those from further afield.  

Estelle Lefébure, the co-founder of the Spero Mare association and the event’s patron for the second consecutive year, led the ceremony alongside Robert Calcagno, the Director-General of the Oceanographic Institute of Monaco.  

Lefébure told Monaco Life, “It is essential to raise awareness among the younger generations as they are the future of our planet. This competition provides them with knowledge, confidence and hope. It is up to us to support them in this endeavour.” 

Calcagno added, “This edition is particularly symbolic as we celebrate the 10th anniversary of the competition, and we are very proud. This year, Océano Pour Tous has helped raise awareness among nearly 1,000 students yet again.” 

2024 winners 

The Océano Pour Tous competition is traditionally divided into three categories: schools within 1,100km of Monaco, those from beyond that marker and schools situated in the Indian Ocean area.  

Among the winners in the first category was a 4ème class from the Collège Robert Schuman in Behren-lès-Forbach in the Grand Est region of France. A 6ème class from the Collège Jean Perrin in Saint-Paul-Trois-Châteaux in the Auvergne-Rhône-Alpes region received the Special Mention Prize, having been chosen by the Friends of the Oceanographic Museum (AAMOM), and the Encouragement Prize went to a CM1/CM2 class from the Ecole Marcel Pagnol in Cannes.  

In the Beyond 1,100 km category, the main prize was awarded to a 5ème class from the Groupement Dispersé d’Observation in Maupiti, French Polynesia. The AAMOM Special Mention Prize was given to a CM1/CM2 class from Collège Gérard Holder in Cayenne, French Guiana, and the Encouragement Prize was given to a 6ème class from Collège de Faaroa in Raiatea in French Polynesia.  

The winners in the Indian Ocean category were all from La Réunion: a CE2/CM1 class from Ecole des Benjoins in Les Trois-Bassins won the main prize; the AAMOM Special Mention was picked up by a 6ème class from Collège Quartier Français Lucet Langenier in Sainte Suzanne; and the Encouragement Prize was awarded to a CM2 class from EEPU Saint Leu Centre.  

Far beyond a symbolic award, the winners of the 2024 Océano Pour Tous competition will also receive an array of additional perks, such as funding for extracurricular ocean-related activities and assistance in turning their concepts into reality.  

The Océano Pour Tous is held each year with input from the Oceanographic Institute of Monaco, the Princess Charlene of Monaco Foundation, the French National Education system and Monaco’s Department of National Education, Youth and Sports.  

Read related:

Interview: Robert Calcagno, CEO Oceanographic Institute – Prince Albert I Foundation

 

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads,  Facebook,  Instagram,  LinkedIn and Tik Tok. 

 

Photo by Monaco Life