What is the job outlook for Luxembourg?
Posted on November 5, 2020
If you are keen on an overseas job, then you should probably consider Luxembourg. While the steel industry made huge strides in the country in the 20th century, it started turning into a services economy by the end of the century. Today Luxembourg is an international center for finance with many private banks, private asset management and insurance/reinsurance companies.
However, the government here is insisting on economic diversification by encouraging businesses dealing with IT, logistics, e-commerce, biotech etc.
The following sectors had the most employees by the end of June 2020.
- public administrations and services
- specialized activities and support services
- financial and insurance activities
- information and communication
According to a report published by CEDEFOP, the European Center for the Development of Vocational Training, the highest employment growth in Luxembourg will be in the legal and accounting sector, and the construction sector.
The report forecasts that the highest job openings which will include new jobs and replacements will be for business and administration professionals, legal, social, cultural and related associate professors.
Highest paid jobs
Research shows that in Luxembourg, financial services and insurance employees receive the highest wages, followed by electricity production personnel, science and technology staff, IT personnel, and teachers. Meanwhile, Luxembourg’s lowest-paid workers were in the housing and food industries.
The employment outlook predicts over 25 million job openings in Luxembourg by 2025.
CEDEFOP has predicted employment growth in the following sectors:
Research shows that employees in financial services and insurance earn the highest salaries in Luxembourg, followed by electricity production workers, science and technical professionals, IT workers, and teachers. The lowest-paid jobs in Luxembourg, meanwhile, were in the accommodation and food sectors.
|Surgeons / Doctors||Salary Range: from 7,880 EUR to 23,800 EUR|
|Judges||Salary Range: from 6,620 EUR to 20,000 EUR|
|Lawyers||Salary Range: from 5,360 EUR to 16,200 EUR|
|Bank Managers||Salary Range: from 5,040 EUR to 15,200 EUR|
|Chief Executive Officers||Salary Range: from 4,730 EUR to 14,300 EUR|
|Chief Financial Officers||Salary Range: from 4,410 EUR to 13,300 EUR|
|Orthodontists||Salary Range: from 4,250 EUR to 12,800 EUR|
|College Professors||Salary Range: from 3,780 EUR to 11,400 EUR|
|Pilots||Salary Range: from 3,150 EUR to 9,520 EUR|
|Marketing Directors||Salary Range: from 2,840 EUR to 8,570 EUR|
The forecast on CEDEFOP covers the period up to 2030. It took Global Economic Development into account until May 2019. For seven years in a row in 2019, the European economy had been in a continuous mode of expansion and every European nation, including Luxembourg, saw a strong increase in GDP.
But with the onset of the Coronavirus pandemic and subsequent lockdowns, short-term impact on the economy has been created, but long-term factors that will impact job outlook in European countries such as aging populations, increased use of automation / artificial intelligence, globalization, resource scarcity, etc. will continue to be influential.
While Luxembourg continues to implement measures to control the pandemic and move its economy, these long-term factors are likely to prevail which will impact the job outlook.