Page 26 - Monaco Economy 128

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Calculate your pension!
It’s easy to calculate your monthly pension! Multiply your number
of points by the monthly value of the point (21.39 euros).
The CAR sends out a points statement to employees every year
and offers a useful online calculator.
Please note: if an employee has a dual career in Monaco and
France, he or she will receive a retirement pension from each
country. If the period of paid employment in the Principality is
less than the minimum required, pension entitlement may still
be acquired by aggregation, by working as a civil servant or self-
employed person in Monaco, or, under the agreements linking
the Principality to France and Italy, by accumulating 10 years
exclusively as an employee under the general scheme in both
countries, including a minimum of 13 months in Monaco. If the
conditions for entitlement to a pension are not met, employees
may claim reimbursement of the employee portion of CAR
contributions paid during their working life after the age of 65.
This is a personal entitlement and is not subject to transfer.

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age in Monaco was around 63 in 2022. "A is calling for "the repeal of this 2012 reform of "increasing their purchasing power", in
minimum pension has been introduced, which and the recovery of points lost by employees. order to ensure the long-term future of the
is paid to any retiree with at least 37 and a half In Monaco too, pensioners are struggling scheme. The latest actuarial studies for the
years' actual salaried employment or equivalent to feed and house themselves". The F2SM scheme forecast a growth rate of 2% per year
periods. The value of the points have never acknowledges that "pensions in Monaco are and 111,000 employees in 2054, or 2.5% per
been frozen. On the contrary, it has continued better than in France and the ceilings are much year and 134,000 employees. "Between 1994
to rise each year, in line with the economic higher (the monthly CAR base is €5,840)", but and 2019, there was an average increase of
climate", as Christophe Robino, Minister for stresses the importance of making the country 2.4% in the salaried population," says Bertrand
Social Affairs, has often pointed out. more attractive to employees, and therefore Crovetto.

No new reform envisaged A Flourishing Pension Fund
While France has just reformed its pension The Caisse Autonome des Retraites has a reserve fund that would make many pension
system once again, there is no question fund managers green with envy... This fund is the fruit of investments made over the years:
in Monaco of changing its own. "The 2012 a large property portfolio in the Principality and neighbouring municipalities (representing
reform made it possible to save the scheme, around 600 homes, including L’Escorial, Villa Marcel and Palais Florestine), as well as
without affecting the retirement age," says financial assets (gold bullion, shares, bonds, ESG funds, etc.). “The Autonomous Pension
Bertrand Crovetto. The Trade Union disagrees. Fund’s Reserve Fund stood at €716,313,534.41 in September 2022, representing 56.04
"In Monaco, the 2012 CAR reform continues months of benefits. But it is undervalued because the estimate for a square metre of
to have disastrous effects on the pensions property is 10,000 euros in Monaco and 5,500 euros in France, which is particularly
of future retirees. Over an entire career, the low given the property market”, say Trade Union General Secretary Olivier Cardot and
difference in the number of pension points his deputy Bruno Augé. By way of comparison, in 2010 the fund represented nearly
earned is equivalent to 8 years' work - that's a 571 million euros, or 68.5 months of pension payments. The evolution of this fund is
huge difference," say Olivier Cardot and Bruno significant: the 2012 reform was decided in particular because the deficit of the main
Augé. All the more so as French retirees see scheme exceeded 40% of the result of the management of the Reserve Fund (54.94% in
their pensions subject to the Cotisation sociale 2009/2010 and 64.36% in 2010/2011). This was one of the thresholds set by the CAR’s
généralisée (CSG) and the Contribution to the supervisory committee, which should have led to the adoption of protective measures.
reimbursement of social debt (CRDS). The USM

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