Social plan signed at BSI Europe S.A.

On Tuesday 7th February 2017, ALEBA, OGBL-SBA and LCGB-SESF signed a social plan at BSI Europe S.A., with the loss of 15 jobs.

BSI was acquired last year by the bank EFG, a move which led to this social plan. Through negotiation it was possible to cut the number of redundancies to 14.

Of these 14 people, two had the status of senior executive (“cadre supérieur”), so were not covered by the collective agreement. However, thanks to the efforts of the unions, it was possible to include them in the social plan, enabling them to benefit from the same conditions as all other employees.

The unions obtained beneficial conditions for the employees who will be made redundant, including payments beyond the legal minimum, extended notice periods, payments linked to individuals’ family situations, and a budget for training and outplacement that takes into account the real costs of these sessions.

As well, a “social pool” has been put in place, at the request of the unions. This pool is a financial reserve which can be used for a variety of socially beneficial ends. It would be accumulated if redundancy payments and spending for retraining are not made as foreseen. These funds could then (under certain conditions) be used to help remaining employees suffering from serious problems in their professional and private lives.

Luxembourg, 8th February 2017