Private Monégasque companies are now able to offer their employees electronic pay slips. It will be up to employees to decide if they want to receive their payslip by email or still by post. Encouraging businesses to switch to paperless payslips is part of the Principality’s efforts to navigate the transition to the digital economy.
Monaco’s private sector companies print almost 620,000 payslips every year using large quantities of paper and ink. However, from this year, the Monégasque government legally authorised electronic payslips which can be issued under the same conditions as tradition paper versions.
Taking into account that paper payslips cost as much as three times more than digital payslips, the local businesses could now make substantial savings in terms of time, space and paper, when they switch to the environmentally friendly option while encouraging their employees to be eco-conscious and not wasteful.
The initiative is flexible allowing business to opt in voluntarily. Employers can therefore choose whether to switch to digital payslips and employees can oppose the change. Most importantly, the scheme allows both employers and employees to change their minds at a later date. Moreover, employers can choose to keep the electronic payslips themselves or use a service provider.
The government requires employers to protect workers’ rights when issuing digital payslips which must be issued in a private and secure and certified with an electronic stamp or signature. The digital payslips must also be identical to the classic paper version and must be kept for the same length of time printed payslips. Employees can choose between receiving their new payslip as an email attachment or as a notification inviting them to login into a digital safe with their personal username and password.
It remains to be seen how fast the Monégasque companies bid farewell to snail mail switching to emails. Meanwhile, Principality’s employees and civil servants will be able to opt for digital payslips later in the year making their own contribution to reducing the environmental impact.