On May 15, the social partners in the banking industry reached an agreement for a collective labor agreement (CCT) for the period between 2014 and 2016. This conclusion came after months of fruitless negotiations. This CCT is a reflection of the difficulties faced by the country’s banking industry and is characterized by wage moderation.
Luxembourg’s banking sector is taking a new shape. According to the figures presented by the sector’s majority union, ALEBA, more than 2,700 jobs were lost in the sector since 2008 for a total of about 26,200 employees. Over the period, the sector went through 53 social plans, including 11 on the grounds of closure or liquidation. Besides, the introduction of automatic exchange of banking information and the end of banking secrecy in 2015 are going to deeply change the structure of Luxembour
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