On Tuesday 25 June 2024, the trade unions ALEBA, LCGB and OGBL announced they signed a social plan at UBS/Crédit Suisse.
This redundancy plan is prompted by the planned transfer of Crédit Suisse AG to UBS AG in October 2024 and the merger of six legal entities.
The first wave of redundancies, scheduled for July 2024, will affect between 70 and 80 employees. A second wave could take place at the beginning of 2025 following the various mergers and will affect between 65 and 75 employees in 2025, the trade unions noted.
The unions, noting they aimed to offer advantageous departure conditions for the employees concerned, managed to cover the entire population up to and including 31 December 2025 and succeeded in obtaining extra-legal compensation, including:
• payment of extra-legal indemnities based on age and seniority;
• payment of a social bonus for some of those concerned;
• payment of a family allowance for employees with one or more dependent children.
In addition, the employees concerned will be entitled to social support measures, including an outplacement and/or training budget, a social pool and special conditions for employees over 50.
Although ALEBA, LCGB and OGBL have been able to improve the departure conditions of employees losing their jobs, they deplored the fact that these employees have had to pay the price of this merger through no fault of their own.
