Wages in Luxembourg remain resilient

(JB) If you're wondering why you haven't seen your pay packet grow in recent years, it might be because you're in the wrong job.

A study has shown that employees in Luxembourg's financial sector saw the biggest salary increases during the last two years, with average wages rising by as much as 850 euros per month for team leaders.

The Fast 2011 Salary Survey, produced by the recruitment and training firm, charts the average wages across 11 employment sectors in the Grand Duchy. According to information gathered from their database during the year, the salaries cited refer to monthly wages based on a 13-month salary.

Team leaders were not the only winners in the financial sector. The ceiling on a salary for a non-supervisory role rose by 450 euros since 2009.

Other lucrative fields included Security and Cash Administration, where team leaders could expect a starting salary which is 550 euros more than was advertised two years ago.

Steady salary growth or stability since 2009 for all grades of employees were seen in the fields of Risk Management, Fund Administration, Marketing and Office Administration roles.

In many fields, however, salaries remained static, hinting at what Fast refers to as “economic stagnation”. The firm said in their 2011 statement: “The markets are pushing politicians to choose between a number of unpalatable alternatives and their lack of clear direction has led to economic stagnation at best and perhaps a double dip recession. In general, the job market has remained resilient in 2011 with some areas particularly buoyant; predictably those related to risk, cost control and change management.”

Marketing roles also saw a notable rise for new joiners, with starting salaries rising from 2,550 per month in 2009 to 2,700 euros in 2011. The biggest losers were employers at management level in the field of Business Analysis and Project Management. There, a minimum salary dropped by 500 euros to 5,000 euros per month in 2011, since 2009.

Fast's employment forecasts for 2012 remain bleak as companies rein in their spending. “Only time will tell whether Luxembourg, as so often the case, avoids the full brunt of this economic fallout. But these are tumultuous times, unparalleled one may say, and the sooner some normality returns to the markets, the better it will be for all.”