Pension system questions raised

Tuesday's public session at the Conseil National witnessed a debate on Monaco's pension system.

Just over the border, French workers are striking over changes to the age of retirement. On Tuesday the pension and retirement issue was raised in the Conseil National by R&E leader Laurent Nouvion. Government Minister for Social and Health Affairs Stephane Valeri explained that 4 levels of alert had been defined in 2009, which would lead to Government action. There are now indications that the first level has been reached:

  • 40% of revenues from the reserve fund of the Caisse Autonome des Retraites (CAR) are being used to finance the pension system

Valeri explained that the figures would be confirmed in early 2011, in which case the Government has pledged to take measures to protect the system for the lowest paid workers and pensioners.

Assuming the data to be correct, Head of the Conseil National trusted that the Government would now put together legislation, and R&E member Christophe Steiner proposed a working group to study the problem. However Minister of State Michel Roger said it was Government's responsibility to ensure the continuation of the system and it would take the necessary steps after the figures were confirmed. Valeri reassured the assembly that whatever happened, Monaco would not be joining the French system. The retirement age would not be raised, but would remain at 65, with the option of early retirement at 60. The CAR has a reserve fund of 1 bn euros, and even if 60% of the interest were being used, it would still make money.

Moving on, the debate turned to the Princess Grace Hospital (CHPG). The Government has called in a consultant, Maurice Pilot, to report on the health system before the end of the year.

Pensions : "this subject is primarily the responsibility of the Government"