A new IMSEE report shows that the pay checks of Monaco’s private sector employees vary wildly, with more than half taking home over €3,000 per month, peaking at close to €20,000 in some sectors.
The private sector workforce is in the spotlight in IMSEE’s latest report, released Friday 17th November. Monaco’s official statistics agency has compared salary scales between the Principality’s major economic sectors (MES) in the year 2022 as well as salary distribution.
It shows that nearly half of all private sector workers earn in excess of €3,074 gross per month in full time equivalent terms (FTE). This goes up to €7,166 for the top tier earners, while one in 10 take home pay packets of €2,126 gross at the lowest end.
FTE, as explained by IMSEE, is a “salary converted to full-time throughout the year (on the legal basis of 169 hours per month), whatever the volume of work actually paid.”
Exceptionally high salaries in certain private sector jobs have pushed the average private sector salary 49.4% higher than the overall median in the Principality, hitting almost €4,600 per month.
WHO ARE THE BIGGEST EARNERS IN MONACO?
The report shows that there are significant disparities in salaries depending on which major economic sector (MES) a person works in. Those in finance and insurance come out the best, with their median gross salary exceeding €6,080 each month. The highest paid in these sectors peaks at €19,169 gross a month, with the average being €10,158.
Coming in second and third, respectively, were information and communication workers, with a median salary of €4,161, or €7,236 at the highest level, and wholesalers, who receive €3,620 per month, or as much as €8,863 for top end wholesale traders.
WHO ARE THE LOWEST EARNERS IN THE PRINCIPALITY?
On the lower rungs were scientific and technical activities employees, who earn a median gross salary of €2,773, beating out the retail workers who sit at the bottom with €2,762 per month. Though the science and tech medians were quite low, the highest paid in the sector saw vastly more remuneration, with pay checks of €6,329 per month. In retail, the story was similar, with the big earners doubling the median at €5,490.
Meanwhile, between 2021 and 2022, the lowest paid individuals had higher pay rises, 4.4%, whilst the highest paid had a more modest 2.1% increase, or roughly €155 every month. Median salaries rose by 2.8%, or €84.
YOUNGER WORKERS ARE PAID LESS
Not unsurprisingly, younger people were paid less than their older counterparts, with the median FTE pay for 15 to 24-year-olds coming in at €2,310 gross. Those aged 25 to 34-years are not far off with €2,856 per month.
Interestingly, the 592 over-65ers in the private workforce make €75 less than the workforce as a whole. It’s the 55 to 64 category who are the biggest earners, with an FTE gross of €3,414.
Women earn over 19% less than their male counterparts, showing the disproportionate number of men amongst the highest earners.
Photo by Monaco Life