Monaco - Labor

There is virtually no unemployment in Monaco, as the Prince guarantees all his subjects lifetime employment. The major employer of the working population is the SBM; others work in industry or in service establishments. As of 1994, the labor force was approximately 30,000, of which 4,000 worked in the industrial sector, 2,200 in construction, and 1,500 in the financial sector.

Owners and workers are each grouped in syndicates. There were some 35 unions grouped in a union federation representing about 10% of the workforce in 2002. However, most of these union workers commute from outside the principality; about two-thirds of all employees commute from France and Italy. Unions operate independently of the government and political parties. The rights to strike, organize, and bargain collectively are protected by law, although public government workers may not strike. Labor disruptions are infrequent.

The minimum working age is 16, although special restrictions apply until the age of 18. Employers who violate the minimum age laws can be criminally prosecuted. The standard workweek is 39 hours. The minimum wage is the French minimum plus an additional 5% to adjust for travel costs for commuters. In 2002, this wage was equivalent to $6.30 per hour. This provides a family with a decent standard of living, and most workers earn more than the minimum. Health and safety standards are rigorously enforced.