15 ° C
Profile

Month: December 2024

French pensions to rise by over 2% in 2025 after social security bill fails to pass

by: Stephanie Horsman
30/12/2024

Starting 1st January, retirees in France will see a 2.2% boost to their monthly pensions. With the 2025 Social Security financing bill unapproved, the government defaults to the “classic pension enhancement rule”, resulting in a single increase instead of the two smaller hikes outlined in the rejected budget.

France’s contentious 2025 Social Security financing bill is one that will long be remembered as the one that toppled a Prime Minister and sent a splintered National Assembly into a tailspin.  

Former PM Michel Barnier attempted on 2nd December to push through an unpopular version using a rarely used constitutional mechanism which by-passed parliamentary approval. The backlash was swift and merciless with the legislature calling for a vote of no confidence on 4th December that handily passed, thus ousting the Prime Minister. 

Without an approved budget, the standard pension adjustment rule outlined in the Social Security Code has kicked in. This method links basic pension increases to the inflation rate recorded by the National Institute of Statistics and Economic Studies (INSEE), ensuring pensions rise in line with consumer price indices.

The result is that pensioners will see a 2.2% increase from the start of the year ccording to an announcement made by the Minister of Economy on 10th December. 

The original proposal aimed for two incremental pension hikes in 2025: a 0.8% increase for all pensions in January, followed by another 0.8% boost in July for retirees receiving pensions below the minimum wage (SMIC). However, these plans now hang in the balance due to legislative gridlock, leaving retirees with the automatic inflation-based adjustment as their only confirmed increase.

The 2.2% hike reflects the steep climb in living costs, particularly over the past year, and is seen as a critical lifeline for retirees struggling to keep up with rising expenses. Yet, the political stalemate raises broader questions about the future of pension reforms and the government’s ability to navigate economic challenges.

As the dust settles in the political arena, France’s pensioners are left with mixed feelings—relief at the inflation-based increase but uncertainty about what lies ahead for their financial stability in 2025 and beyond.

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 credit: EV on Unsplash

 

Could France be about to introduce a US-style tax system for citizens?

by: Stephanie Horsman
30/12/2024

Imagine earning your income abroad, only to still be required to pay taxes to France—regardless of where you actually live or work. That’s the controversial idea behind a proposed citizenship-based tax system from France’s Finance Committee. Echoing the US model, the proposal has sparked fierce debate over its fairness, feasibility, and potential consequences for French expatriates worldwide.

France’s Finance Committee has introduced a proposal for a citizenship-based taxation system that would require French citizens to pay taxes to France regardless of their country of residence. Although still only a proposal, the system has already fueled intense discussion and raised concerns about equity and practicality.

Under this form of citizenship-based taxation, individuals would be liable for taxes on their worldwide income, regardless of where they live or earn it. Similar systems exist in countries like the US, where mechanisms such as tax credits and deductions aim to reduce the burden of double taxation. However, compliance with such systems is often costly and complex.

The French proposal outlines a “targeted universal tax” aimed at French citizens residing abroad, particularly those in low-tax jurisdictions. It would apply to individuals who have lived in France for at least three of the past 10 years and would tax income, inheritance, capital gains, and dividends as if they were still French residents. To address concerns over double taxation, the system includes tax credits to offset taxes already paid in the country of residence.

The proposal is further restricted to individuals living in jurisdictions where tax rates are less than 50% of France’s, with additional provisions for a minimum tax rate of 20% on high earners. This minimum tax would apply to individuals earning over €250,000 annually (or €500,000 for couples) if their effective tax rate falls below this threshold.

Critics argue that such a system is unfair to French citizens living abroad, who often do not benefit from public services in France. They also warn of potential administrative challenges for both citizens and governments.

Proponents, however, argue that the measure would ensure that the wealthiest citizens contribute their fair share, regardless of where they live. The proposal also includes an exceptional contribution on the profits of large companies with revenues exceeding €1 billion over two consecutive fiscal years, to help bolster government revenues.

It is important to note that this system is still at the proposal stage and has not been enacted into law. The French Parliament would need to review, debate, and approve the measure before implementation. As discussions continue, the proposal has sparked widespread debate among French citizens, policymakers, and tax experts alike.

If adopted, France would join the US as one of the few countries to impose citizenship-based taxation. For now, however, the policy remains under review, leaving its future uncertain.

Read related:

SBM Group announces strong growth for first half of 2024/2025 fiscal year

 

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 credit: Towfiqu Barbhuiya, Unsplash

Gad Elmaleh to lead the laughs at Stand Up Monaco

by: Niki Borisova
30/12/2024

Renowned comedian Gad Elmaleh will headline a roster of French-speaking comedians at the upcoming Stand Up Monaco comedy night at the Grimaldi Forum in January.

The Grimaldi Forum, celebrating its 25th anniversary in 2025, has an exciting programme of events planned for its milestone year.

Among the highlights is Stand Up Monaco, a star-studded comedy night featuring Gad Elmaleh and a talented lineup of Francophone comedians on Monday 13th January in the intimate setting of the Espace Indigo.

Elmaleh, who is also the event’s patron, will share the stage with rising stars and seasoned performers, including Roman Frayssinet, Lise de Hurt, Marine Leonardi, Pablo Caillot and Sébastien Mei.

There will be two performances: the first begins at 7pm, followed by a later show at 8.30pm.

Tickets are priced at €35 and can be purchased via grimaldiforum.com or montecarloticket.com.

 

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: Gad Elmaleh, Facebook

Monaco teams up with Aux Coeurs des Mots to bring books and learning to Senegal

by: Cassandra Tanti
30/12/2024

Thousands of books are finding new homes in schools across Senegal, thanks to a meaningful partnership between the Mairie de Monaco and the association Aux Coeurs des Mots (ACDM).

Announced on Monday 16th December, the collaboration is part of Monaco’s ongoing commitment to education, culture, and global literacy, with a focus on bringing access to books and the French language to underserved communities.

The initiative, which has already seen 6,000 books delivered to over 40 Senegalese schools—including 1,000 generously donated by Monaco’s Médiathèque last summer—aims to create fully equipped school libraries and train teachers in the effective use of books as educational tools.

At the partnership’s official signing, Monaco’s Mayor Georges Marsan praised the project’s far-reaching impact. “The dissemination of culture, literacy, and education for both boys and girls are causes supported by the Princely Family,” he said. “The Mairie is very honoured to contribute to a project that upholds such humanist and generous ambitions.”

The collaboration will not only continue delivering books to schools but will also help finance the purchase of new works and streamline the collection, sorting, and shipping process. Looking ahead, Aux Coeurs des Mots hopes to expand its efforts beyond Senegal to other regions and countries where access to literature remains limited.

Founded with a clear mission to promote learning and literacy, Aux Coeurs des Mots is now striving to establish long-term educational infrastructure. Hilde Haneuse, President of the association, and Francine Conrad, Project Manager for ACDM’s library initiative, joined Mairie representatives at the signing ceremony to outline the next phase of the project.

Those interested in supporting the cause can contribute to future book collections and outreach efforts by visiting https://auxcoeursdesmots.org/.

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.

 

Sabrina di Castello and Maciej Wdowiak vernissage held in Monaco

by: Cassandra Tanti
30/12/2024

Austrian artist Sabrina di Castello and Polish photographer Maciej Wdowiak have presented their latest works at a vernissage in Monaco, with proceeds supporting the charity Children & Future.

The event, hosted on Thursday 12th December and supported by Club Suisse de Monaco, showcased di Castello’s contemporary art alongside Wdowiak’s photography, including pieces that won him the 2024 Monte-Carlo Photo Contest in the Beauty and Glamour category. Both artists focused on the theme ‘Vision of Life’, offering interpretations through their respective mediums.

Fundraising for a cause

In addition to the sale of artworks—10% of which were donated to Children & Future—a tombola raised €2,400 for the charity. Children & Future supports a variety of initiatives aimed at helping children in need.

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, pictured from right to left: Donatella Maldini Panorama Properties, Ariane Favaloro Children & Future, vernissage organisers Desirée and Danuta Fürst and Lorenzo Turco.

 

Year of the Wooden Snake to be honoured at Monaco’s Chinese New Year celebrations

by: Niki Borisova
28/12/2024

Not only will Monaco’s upcoming Chinese New Year gala at the Fairmont celebrate the start of the Year of the Wooden Snake—a symbol of wisdom, transformation, and prosperity in Chinese astrology—but it will also mark 30 years of diplomatic ties between the Principality and China.

For the people of China, the Year of the Wooden Snake officially begins on 29th January, but the Monaco-China Association and Monaco Dragon Prestige will kick off celebrations early by co-hosting a Chinese New Year gala at the Fairmont Monte Carlo on 24th January, in collaboration with the Monaco Embassy in China.

The 2025 edition of this annual event holds added significance as it commemorates the 30th anniversary of diplomatic relations between Monaco and the People’s Republic of China. The gala will bring together prominent figures from Monegasque and Chinese diplomatic, economic and cultural circles.

The programme will feature traditional Chinese performances, including a dragon dance, live music and calligraphy demonstrations. Guests will also enjoy a specially curated dinner reflecting the event’s cultural focus.

The gala begins at 7pm, with tickets priced at €280 for standard seating and €380 for VIP access. The dress code is formal evening attire or traditional Chinese clothing.

For more details or reservations, contact info@monacodragonprestige.com or click here.

 

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 credit: Red Morley Hewitt, Unsplash