On Wednesday, nearly 200 demonstrators gathered in front of the Monaco Social Funds, responding to the call of a dozen unions to demand better wages and pensions.
The protesters, led by Olivier Cardot, general secretary of the Union of Trade Unions of Monaco, are advocating for a gross minimum wage of €2,538. This demonstration took place exactly one year after their previous protest, which also coincided with the opening of the Monaco Yacht Show.
One year later, the unions claim they have not been heard by the government regarding the critical issues affecting workers. Cardot voiced the frustrations of many: “A year later, we have not been received by the government on the subjects that bring us together today.”
The push for a higher minimum wage and improved pensions reflects the broader economic context in the Eurozone, where discussions around wage growth are increasingly prominent. Many Eurozone countries regularly review their minimum wages, often indexing them to inflation and rising costs of living. With inflation surging across Europe, minimum wage adjustments are seen as essential to maintaining the purchasing power of workers, especially those in lower-income brackets.
Monaco, known for its high cost of living and status as a luxury destination, faces growing pressure from its workers to align wages with the current economic climate and context. Many employees argue that while the principality boasts some of the highest salaries in Europe, the soaring costs of housing, services, and goods often negate the benefits of these higher wages. The demonstrators called for the government to recognise the challenges facing ordinary workers and to ensure that wages and pensions are adequate to meet the rising cost of living in the region.
In 2022 and 2023, minimum wage growth has trended upward in the Eurozone, driven by inflation and the need to support vulnerable workers. Spain, for instance, saw a significant 22% rise in its minimum wage, reflecting the urgency of wage growth in keeping up with financial pressures. Such movements have set the stage for similar demands in places like Monaco, where unions argue that a sustainable and equitable wage system is essential for workers’ well-being.
