Luxembourg banking and insurance trade union ALEBA has announced its negotiating of a social plan in response to 15 job cuts by insurance agency DAS.

Following DAS’s announcement of its intention to fire 15 of its employees, the financial trade union ALEBA has decided to negotiate a new social plan as well as a new work agreement for workers in the financial sector.

According to ALEBA’s sources, DAS made the decision to cut jobs as a result of its German-based headquarters’ decision to sell its Luxembourgish client portfolio to ALLIANZ Luxembourg. This acquisition will result in the loss of half of the Luxembourg subsidiary company’s employees, with only ten out of 25 currently being taken on by ALLIANZ.

As such, ALEBA is once again mobilising its forces to help the employees affected by this situation.