I have been working in Luxembourg for over 20 years, in both HR and Finance, and would therefore like to dispel some common misconceptions about the Luxembourg labour market:
“Anyone who wants to work in Luxembourg must be fluent in French.”
This is not entirely accurate. In many (international) companies, internal communication is conducted in English. There is also a large number of companies that primarily operate in German and English. French can certainly be helpful, particularly when dealing with Luxembourgish authorities; however, even in those cases, German is usually sufficient.
“In Luxembourg, gross salary equals net salary.”
No. As in other countries, salaries in Luxembourg are subject to taxes and social security contributions. For singles without children, income tax levels are broadly comparable to those in Germany. However, social security contributions are lower, and tax rates for married couples with children are very favourable.
Anyone wishing to calculate their net salary can use the following website:
www.calculatrice.lu
“Apart from financial services, there are hardly any attractive industries in Luxembourg.”
It is true that the financial sector plays a very significant role in Luxembourg. However, the Luxembourg labour market has far more to offer.
The following facts illustrate that opportunities extend well beyond financial services:
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Of the 20 largest employers in Luxembourg, only five belong to the financial sector.
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Luxembourg is a rapidly growing hub for start-ups (including, but not limited to, fintechs).
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The transport and logistics sector is expanding strongly, and Luxembourg is set to further strengthen its central role in Europe.
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The biotech sector as well as the aerospace industry are also experiencing strong growth; Luxembourg is home to the global market leader in satellite operations.
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Luxembourg hosts numerous global companies such as Amazon, ArcelorMittal, Kuehne + Nagel, PayPal, Skype, and RTL Group—not solely due to low taxes. Its IT infrastructure is among the best in Europe.
Further advantages that Luxembourg has to offer are outlined in this article on www.financejobs.lu.
What makes Luxembourg an attractive location for graduates?
