Claude Marx, pictured, is in favour of teleworking in the financial sector but says the practice cannot continue permanently
Photo: Gaël Lesure/archives
Luxembourg is setting up a teleworking legal framework to prevent the practice being exploited by mailbox companies.
Director of Luxembourg’s financial sector supervisory commission the CSSF Claude Marx said in parliament on Monday that the framework would regulate telework in the financial sector and clearly define teleworking limits.
The practice, which was rolled out across the financial sector at the start of the lockdown in March, was critical in helping to curb the spread of the coronavirus. However, Marx said on Monday the sector needed to be vigilant about its use and it should not be applied permanently.
At the start of lockdown, 98% of CSSF staff worked remotely and it aimed to have half the staff back at the office by July. In June, the CSSF issued a circular setting out teleworking recommendations for financial services firms in Luxembourg.
A June report from Luxembourg research body Liser recommended maintaining remote working practices to avoid a rebound. A number of employers, including the EIB continue to encourage teleworking. A suspension of fiscal rules for cross-border workers until the end of the year has contributed to making this possible.
Luxembourg’s financial sector has reached a near return to normal, according to Marx, who noted a disconnection between the real economy and the Luxembourg financial market. The situation is being monitored and stress tests carried out by the Luxembourg and European central banks.