Social plan signed at Tullett Prebon Luxembourg

Back on 9 November, ALEBA announced that the negotiations on the social plan at Tullett Prebon Luxembourg had not culminated in agreement and that the Office National de Conciliation had been informed accordingly.

However, on Tuesday, 21 November 2017 – at the eleventh hour in the conciliation process – the 14 employees, staff delegates, and their union ALEBA reached agreement with company representatives and a social plan was signed. Under the plan, each employee will receive a very substantial outplacement and training budget amounting to EUR 16,000 as well as severance pay calculated on the basis of age and length of service – up to 30 years in the case of some employees.

The negotiations were protracted and intense, as the employees feel they were misled by their employer.

Tullett Prebon Luxembourg, which still had around 40 employees in 2012, reduced its workforce and also put enormous pressure on some employees to accept a reduction in their salaries in order to “save” their jobs as well as Tullett Prebon’s Luxembourg operation. The employees now say that not only were all of these sacrifices made in vain but worst of all that the sacrifices had an adverse impact on the calculation of unemployment benefit and re-employment support.

ALEBA advises employees who find themselves in a similar position to be on guard and hopes that Tullett Prebon Luxembourg will serve as an example to other employees and will not be repeated.

 

Press release on November 23, 2017

 

Press contacts:

Laurent Mertz, Secretary General (laurent.mertz@kbl-bank.com / +352 621 232 295)

Sandra Carvalho, Head of Communications & Strategy (sandra.carvalho@aleba.lu / +352 671 223 228)

 

Contacts for the Tullett Prebon case:

Alessandra Giuliano, Head of Coordination (Alessandra.GIULIANO@aleba.lu / +352 223 228 304)

Felix Walisch, Coordination (felix.walisch@aleba.lu / +352 223 228 1)