digitalization

The dematerialization of payslips is gaining ground in the Principality

Authorized by the Bill n ° 1.482 of December 17, 2019 for a digital Principality (article 39), the electronic payslip gave rise to a ministerial decree of December 20, 2019, which specifies its modalities. Thus, since January 2020, Monegasque companies have the choice to dematerialize their payslips. In April 2021, the Princely Government adopted the dematerialization of its 48,000 annual payslips, i.e. a saving of 0.5 tonne of paper.

The Government estimates that private sector companies generate around 620,000 payslips per year, which on a basis of 10.4gr (sheet / envelope) represent 6.5 tons of paper. If you charge the cost of archiving, the time spent printing and the paper used,the cost of a paper payslip is three times that of a digital bulletin; companies thus have everything to gain from this dematerialization.

This is the observation of the CMB, private bank based in Monaco, which opts for the dematerialization of its payslips, thus becoming the first bank in the Principality to use this solution.

« Dematerialization offers many advantages, first of all in terms of security and confidentiality. No more lost payslips: they remain safe from prying eyes and the employee receives their payslip directly into his/her personal digital safe. Each deposit is digitally signed and recorded, and a certificate is attached to each file to ensure data traceability and confidentiality. A copy is archived in the company’s digital safe. Paper archives become obsolete, which means financial savings, space saving and a reduction in paper printouts! »

CMB

« Through this action, CMB Monaco is providing increased security for employees’ personal data, and is taking a sustainable development approach by reducing its CO2 emissions».

Francesco Grosoli, CEO of CMB Monaco

The CMB approach is implemented by the Monegasque company ACTIS, and is in line with the digital transformation of the Principality supported by the Extended Monaco program.

Article: Joana Foglia

Post Author: Wealth Monaco