New rules designed to provide additional support for lower-paid retirees who spent much of their working lives in Monaco have come into force…
As published in the Journal de Monaco, Sovereign Ordinance No. 12.156 introduces a minimum supplementary retirement allowance under the Principality’s employee pension system. The changes took effect on October 1.
The measure is not limited to Monegasque nationals. It applies to people receiving a direct pension from Monaco’s Caisse Autonome des Retraites (CAR) who meet the qualifying conditions.
To be eligible, retirees must have accumulated at least 450 months, equivalent to 37½ years, of salaried employment in Monaco or recognised equivalent periods. Their existing pension must also have been calculated on 775 retirement points or fewer.
In simple terms, the allowance is intended to bring qualifying lower pensions up towards a level equivalent to 775 points. The precise additional amount will therefore depend on the number of points already accumulated and the current value of a CAR retirement point.
The ordinance also maintains a separate one-off payment following the death of a pensioner, available to eligible surviving spouses or children.
You can read the full details here: Sovereign Ordinance No. 12.156
Image: Andre Taissin