Social plan at Caixa Geral de Depósitos

Negotiations for a social plan at Portugal’s state-owned bank, Caixa Geral de Depósitos S.A., began in mid-July 2018 but unfortunately have not yet produced results. ALEBA, OGBL-Secteur Financier and LCGB-SESF have reviewed the state of the negotiations.

ALEBA, OGBL-Secteur Financier und  LCGB-SESF are outraged by the conditions imposed by the employer, which is not the decision-maker.

The state-owned bank, whose success is attributable to its loyal and faithful employees, has decided to cease operations in Luxembourg after 21 years of business in the Grand Duchy.

After almost 10 days of talks, the proposal put forward by the branch has been deemed disrespectful towards employees who will lose their jobs and be left in difficult financial circumstances. Indeed, the current proposal falls far short of practices normally applied in similar situations. In fact, the proposal does not even equate to a quarter of what is usually accepted in the banking sector.

ALEBA, OGBL-Secteur Financier und  LCGB-SESF therefore strongly condemn this unacceptable attitude. It demonstrates the bank’s reluctance to acknowledge its social responsibilities towards its employees, who are innocent victims of this closure, and this is with the assistance and advice of its legal counsel.

In other words, employees have been taken hostage, which is an absolute disgrace!


Press release by ALEBA, OGBL-Secteur Financier und  LCGB-SESF, July, 26th, 2018 

Contacts for the Caixa case:

Carla Valente, Legal Adviser at ALEBA, [email protected]