Renewal of Measures to Support Monaco’s Economy and Employment
The Prince’s Government is immediately reactivating measures to support the economy and employment.
The current health situation penalizes certain economic operators by slowing their activities. Until the 4th quarter of 2021 business recovery had proved promising until the emergence of the Omicron variant.
The Prince’s Government, after an extensive consultation with professionals and the National Council, has decided to reactivate several economic aid and support measures already successfully implemented previously.
The objective is to be able to support affected operators strongly in their activities at the start of 2022. This concerns in particular the tourism sector, including events, catering and souvenir retail businesses.
The support measures came into effect January 20 and are at this stage scheduled to last until the end of February. This period will be used to measure the evolution of the situation and determine the most appropriate measures for the future.
Unemployment – CTTR
In concrete terms, the Reinforced Temporary Total Unemployment (CTTR) system is renewed under conditions strictly identical to those which prevailed until December 2021, namely a loss of 30% of turnover compared to the same period of 2019, for targeted business sectors
Exemption from contributions – EPCP
The partial exemption from employer’s contributions is also reactivated for players whose turnover, less than 5 million euros, would have suffered a drop, in January 2022, of at least 20% compared to the same period in 2020. The commitment not to dismiss an employee for 1 year, except for serious misconduct or incapacity, is maintained.
Economic Recovery Support – CARE
In addition, companies that have benefited from the aid of the Economic Recovery Support Commission (CARE) in 2021 will be contacted by e-mail by the Covid-19 Business Unit to provide an update on their situation. To be eligible, it will be necessary to demonstrate a 40% drop in turnover in January 2022 compared to January 2020.
The Prince’s Government is continuing dialogue and regular consultation with all economic and social players, with the aim of constantly adapting support measures to the situation of businesses and employees in the Principality.