Luxembourg wages rise over 3%, says report

Nominal wages in Luxembourg rose 3.8% in the second quarter of this year, according to data released in the latest "Flash Conjoncture" report by the National Statistics Institute (STATEC).

This evolution, the third consecutive quarterly rise, is largely due to wage indexation and the increase in the minimum wage on January 1, 2017. The adjustment to the cost of living translated into an increase of 2.5%, while the minimum social wage increased by 1.4%.

The payment of a single premium in the civil service on April 1, and the application of provisions laid down in the collective agreement of the banking sector, also contributed to the progress of salaries, according to STATEC calculations.

The national statistics office stated that the increase of salaries in the second quarter of the year is mainly due to the financial sector.

 Since January 1 this year, the minimum wage in Luxembourg is around €1,999 per month.

 The next salary indexation is expected in the second quarter of 2018, according to the provisional STATEC data.

(Adam Walder, adam.walder@wort.lu, +352 49939721)