This Wednesday, 19 October 2016, the LCGB-ESFS, the OGB-L-ALEBA and SBA unions agreed on the terms of a social plan with the board of J. P. Morgan Bank Luxembourg.
On September 27, the bank announced 105 projected redundancies following the relocation of a part of its fund accounting and transfer agency activities to Edinburgh and India.
During negotiations, staff unions and representatives made various proposals to attempt to limit the number of redundancies. After the 15 days of negotiations required by law, the number of employees affected by the collective dismissal was reduced from 105 to a maximum of 93, mainly through internal redeployment. Efforts will continue in the coming weeks to try to further reduce this number.
Unions and staff representatives have been able to obtain various social and financial support measures for employees who will be laid off durning these negotiations. These measures include extra-legal benefits related to age and seniority, an indemnity related to the family situation of the employee, extended notice opportunities for employees who have not found work within the statutory legal notice period, and a budget to for outplacement or training.
