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Disposable monthly income jumps by over 50% since 2003

Disposable monthly income jumps by over 50% since 2003

by Heledd PRITCHARD 16.09.2021 From our online archive
Statec data also shows that the number of banks in the Grand Duchy has almost halved in two decades
Offices along Boulevard Royal in Luxembourg City
Offices along Boulevard Royal in Luxembourg City
Photo credit: Anouk Antony

The average monthly disposable income of households in Luxembourg jumped by more than €2,000 per month between 2003 and 2019, data published on Thursday by the country’s official statistics agency Statec has shown.

In 2003, households had around €4,181 left over in disposable income each month once taxes had been paid but by 2019 the amount had risen to €6,475.

Meanwhile, the number of banks in the country has gradually fallen over the past two decades, according to Statec, dropping from 202 at the start of the century to 144 in 2010, followed by a further reduction to 128 last year.

However, in stark contrast, the number of people working in banks has actually increased overall in 20 years, from just over 23,000 in 2000 to 26,059 last year.  

At the beginning of this year, the country’s largest employer was the government, employing just over 31,000 people. 

The ballooning size of the public sector – comprising civil servants, teachers and other education workers – has now increased by 20% in five years. When the first set of statistics were published in 2003, the state’s workforce was less than 20,000, an expansion of almost two-thirds in nearly two decades.  

The four biggest private employers remained unchanged from last year, with Post Luxembourg employing the largest number of staff with 4,620 employees, followed by rail company CFL, Cactus and restauration services firm Dussmann Luxembourg.

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