Luxembourg to See Significant Wage Increases in 2024
Automatic Adjustment to Compensate for Rising Inflation
Luxembourg's unique salary indexation system is set to trigger automatic increases in salaries and pensions in 2024.
The country's National Institute of Statistics and Economic Studies (STATEC) predicts a rise in inflation, prompting the salary indexation mechanism to activate. Under Luxembourg law, an indexation round triggers automatic increases in salaries and pensions to match inflation.
The new sliding-scale wage index of 944.43 points (old index) will take effect in February 2024. This adjustment is in line with the country's commitment to ensuring purchasing power for its citizens in the face of rising living costs.
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