SOCIAL PLAN SIGNED AT MFEX LUXEMBOURG S.A.

MFEX Luxembourg S.A. (MFEX), a company active in the investment fund industry (Trading & Custody), has decided to proceed with collective redundancies. As a result, ALEBA assisted the staff delegation in the negotiations for the adoption of a social plan.

Following the acquisition of MFEX by the Euroclear group in September 2021, one of MFEX’s largest clients has requested to migrate its Trading & Custody activity to the Euroclear platform. As a result of this decision, a significant number of positions within MFEX will become obsolete and redundancies are unfortunately inevitable. Indeed, following this migration of Trading & Custody activities, the operational site in Luxembourg is now too small to maintain so many jobs. It is in this context that MFEX has decided to reduce its workforce in Luxembourg.

The redundancies will take effect from September 2023 and will concern no less than 47 employees for whom, thanks to the determination of the staff delegation, together with ALEBA, a social plan was signed on 27 June 2022. During these negotiations, which took place in a constructive climate, the staff representatives obtained various social and financial support measures for the employees concerned.

In addition to the legal indemnities, other benefits were obtained. MFEX, having understood the stakes of its social responsibility on the Luxembourg financial market, therefore agreed that all employees should be treated equally, in particular by granting the application of the essential elements of the banking collective agreement to all employees affected. Finally, additional rest days and bonuses were negotiated in order to guarantee the migration to Euroclear, as well as the allocation of extra-legal indemnities.

 

Roberto Mendolia – President of ALEBA