Jobs outlook in Luxembourg for 2022
Posted on March 22, 2022
Are you interested in a job overseas? Then it would be best if you thought about a career in Luxembourg. The steel industry of Luxembourg made massive progress in the 20th century. By the late 1900s, it started to change into a primarily service-based economy.
Presently, Luxembourg has become a global center for the financial sector. There are insurance and reinsurance companies, multiple private banks, and private asset management organizations.
*Need expert guidance to work in Luxembourg? Choose Y-Path for global success.
The employment rate of Luxembourg is predicted to approximately touch the figure of 66.47% in 2023 and 66.48% in 2024.
Employment in Luxembourg
Luxembourg has one of the highest employment rates in Europe. The country has the second-highest GDP per capita in the world, at an astounding 102,900 USD.
The working environment in Luxembourg has been a lucrative choice for expats, who benefit from the low inflation, low unemployment rate, and the country’s solid growth. The foreign national workers are exempted from tax for the first 5 years.
|HR & Admin||EUR 4969|
Although the Global Financial Crisis impacted the country’s economic performance, it is recovering strongly. The public debt is lower than all the other countries of Europe. The issue of unemployment is becoming an inconsiderable issue, especially for people with an education at a university, specialist skills, trade qualifications, or a considerable amount of work experience.
The government of Luxembourg plans on diversifying the economy. It encourages businesses dealing with Information Technology, e-commerce, logistics, biotech, and the like.
*Looking for overseas jobs? Avail Y-Axis job search services with expert assistance.
The sectors given in the table below had the most recruitment of work personnel by the end of 2021.
|List of Professions||No. of vacancies|
|IT development studies||209|
|Accounting and financial audits and controls||192|
|Credit and risk analysis||113|
|Legal defence and consulting||88|
The report released by CEDEFOP, or the Centre Européen pour le Développement de la Formation Professionnelle and authorized by the European Center for the Development of Vocational Training. The report predicted that Luxembourg’s employment growth would be high in the accounting, construction, and legal sectors.
The report predicts that most of the job openings will have new occupations and substitutions will be there for business and administration professionals, social, legal, cultural, and associate professors in related fields.
*To get more updates on abroad job prospects, follow Y-Axis Overseas Jobs page.
A research on high-paying jobs in Luxembourg found that in Luxembourg, the financial services and insurance professionals receive the highest wages, followed by science and technology staff, electricity production personnel, teachers, and IT personnel. The employment prospects predict more than 25 million job post openings in the country by 2025.
Employment growth in Luxembourg according to CEDEFOP
The forecast of CEDEFOP is till 2030, and it considered Global Economic Development data till May 2019. For seven consecutive years till 2019, the economy of Europe had been in a mode of growth in every European country. Luxembourg, too witnessed a growth in GDP or Gross Domestic Product.
The pandemic and the lockdowns that followed thereafter have had a short-term effect on the economy. In the long run, factors like growing dependency on automation or artificial intelligence, aged population, globalization, scarcity of resources, and the like will have an impact on the job prospects in Luxembourg.
With the job outlook in Luxembourg looking promising, planning one’s career in the country is not a bad idea. The country has been devoid of international conflicts and has a booming economy. The pleasant climate, picturesque landscape, progressive society, and a healthy work-life balance are cherries on top.
If you found this blog interesting, you may want to read