Tensions are once again emerging between Monaco’s trade unions and the princely government, this time over representation within the financial committee of the Principality’s autonomous pension fund…
The Union of Trade Unions of Monaco (USM) has strongly criticised its exclusion from the committee following a sovereign decree issued on November 11, 2025, which renewed the body’s membership. In a statement, the union said the decision broke with decades of cooperation between the authorities and employee representatives, arguing that it removed an important voice from discussions concerning the management of pension fund finances.
As reported by Monaco Matin, the USM has historically participated in the committee for more than twenty years and believes its absence undermines the role of social partners in overseeing the fund’s financial management. Union leaders insist they had proposed qualified candidates capable of contributing expertise, particularly in banking and financial markets.
The committee itself plays a key role in supervising the fund’s financial strategy, including investment decisions, management of real estate assets and oversight of reserves. According to officials, the pension fund maintains a balanced structure with roughly half of its reserves invested in financial assets and the remainder in property.
While unions have described their exclusion as a form of “class contempt,” the government has firmly rejected that accusation, stressing that employee and employer representatives continue to sit on oversight committees. Authorities also indicated that revising the decree to add new members is not currently being considered.
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