Inflation rate triggers indexation, wages, pensions to increase from August. Luxembourg's annual inflation rate rose to 1.5% in July, triggering an automatic increase in wages and pensions. Month-on-month, the national consumer price index declined by 0.7%, according the Luxembourg's national statistics bureau Statec. The monthly drop from June was driven by the summer retail sales, such as a 14% price decline in the price of clothing and footwear. However, stripping out sales and petrol products, prices for other goods and services rose by 0.3%. Holiday prices were up by 7.2%, while the costs of flights increased by 21.5% compared with June as the summer holidays enter full swing. As a result of the July inflation numbers, workers in Luxembourg will see their wages increase by 2.5% due to indexation – which keeps earnings in line with inflation – from 1 …
Indexation is a means of keeping earnings in Luxembourg in line with inflation – each time it is triggered, wages and pensions are increased by 2.5%.Statec, Luxembourg's official statistics bureau, has announced that workers in the country will see their wages increase by 2.5% through a new round of indexation. Indexation is a means of keeping earnings in Luxembourg in line with inflation. Each time it is triggered, wages and pensions are increased by 2.5%. According to provisional results released by Statec, the annual inflation index stood at 1.5% in July, which, in turn, increased the average bi-annual index rate and triggered a new indexation. The automatic indexation of wages, salaries and pensions will enter into force on 1 August. In early July, Statec reported that inflation levels rose to 1.4%. It has also previously said the next indexation would …
Sébastien Castagna explains why he operates three franchises of American brand in Luxembourg. Sébastien Castagna is a serial franchisee. After having launched eight businesses under Courtepaille and Memphis Coffee licences, over the last four years in Luxembourg and in France, the French entrepreneur is about to go for more. For 2018, he is planning to operate three Five Guys restaurants and two further Osteria Pizza E Pasta businesses in Luxembourg.
First project in Luxembourg to have car park and offices above public transport hub. A transport hub with 10 bus-station platforms, a tram stop, a five-storey car park, offices and shops aims to encourage and facilitate the use of public transport into the city. The 16,500 sqm building off the roundabout at the top end of Kirchberg will include the 'Luxexpo' tram stop, as well as 580 car parking spaces – 80 of which will be allocated to office tenants.
OCBC's private banking arm has been granted a licence to operate a wealth management subsidiary in Luxembourg. A new unit set up by Bank of Singapore will be able to offer services to its wealthy clients in the European Economic Area (EEA) and in Britain, the bank said. The EEA comprises the European Union countries as well as Iceland, Liechtenstein and Norway.
ZURICH (Reuters) - Swiss bank UBS (UBSG.S) will swap out leadership at its Luxembourg wealth management (WM) unit in October amid changes in the region, including the Swiss bank’s move in January to acquire Nordea’s private banking business there.
Luxembourg's parliament, the Chambre des Députés, is expected to ratify the convention on social security signed last November between Luxembourg and China. The document aims to guarantee the social security rights of both Luxembourgish and Chinese citizens working in the other country. MPs are expected to ratify the agreement in a session of parliament on Wednesday.
Among European Union (EU) countries, Luxembourg boasts the second-highest number of workers – between the ages of 15 and 64 – who work from home (12.7%), according to statistics bureau Eurostat.
The law firm formalizes the opening of its New York office headed by Nicolas Fermaud. The firm Elvinger Hoss announced on Tuesday the opening of its office in New York. "Elvinger New York" aims to follow the needs of its customers in the US market through a permanent presence.