Dear AmCham members, Newsletter subscribers, partners and friends,
Welcome to the 182nd issue of your AmCham Newsletter! We are happy to see and serve you!
I was honored to be invited to see and watch the recent US Senate confirmation hearing for US Ambassador Select Stacey Feinberg and was impressed by the strength of her presentation and question answers. She will be a very strong, dedicated and high energy Ambassador with a very strong focus on business issues and promotion. Her nomination will likely be approved by the US Senate next week with her presentation to our current Grand Duke Henri taking place mid-September after the return of the royal family from their summer holiday break. We are looking forward to her arrival and pledge all of our support to ensure her mandate is a strong success for both the United States and for Luxembourg!
On the subject of the US Embassy, I have been advised that the issue of US Embassy Luxembourg closure is now off the table. I believe Luxembourg has a solid opportunity to further strengthen its relationship and standing with the United States and believe stronger US/ Luxembourg relations will be greatly mutually beneficial. The fundamental key to doing this will be maintaining and further enhancing the attractiveness of Luxembourg as a European Headquarters location for US and other International companies. I hope the Chamber of Deputies and the government will develop, support and implement all necessary and appropriate initiatives in this direction.
With 175 persons already signed up for our Summer Polo partnership with the Roude Léiw Polo Club we look forward to a great weekend. There are still a few seats available for the evening gala dinner. Please contact Daniel@amcham.lu for further details and registration.
In place of an interview in the newsletter, we are pleased to publish an analysis explaining the background and current status of the ongoing Pension reform which has been initiated within the Luxembourg Chamber of Deputies. I hope our readers will please pay attention to this important issue and join us to urge the government to ensure action is taken to correct the structural discrimination against expats which exists in the current pension system. I thank you all for understanding AmCham believes this structural discrimination is not consciously intended to hurt those impacted but comes from a lack of appreciation of the circumstances facing the impacted foreigners, women taking career breaks to raise their children, and others. With every member of the Chamber of Deputies being a Luxembourg citizen, it is only natural these people do not experience, feel and understand the impact of this systemic discrimination. We therefore raise this issue of discriminatory unfairness to help them understand both the impact and the unfairness in the hope that, by so doing, they will be encouraged to take the necessary steps to correct this surely unintended but nonetheless damaging situation! The additional benefit of allowing persons with low levels of pension entitlements to fix their problem by working and contributing into the system longer, on a purely voluntary basis, while delaying the start of their pensions, will be not only higher pensions for these persons at a later date, when they are no longer working or unable to work, but also will result in more income coming into the system now, when it is urgently needed. This is a win for the system and for the individuals impacted!
We welcome your support on this pension reform matter. If you agree, please tell us (Paul@amcham.lu), and please pass this along to your friends! Also please let us know if you would be willing to sign a petition on this matter or become otherwise involved helping to fix this serious problem.
Finally, looking back to our great event on “Practical Hints and Tips for Employers” on June 5th, please find the discussion slide presentation kindly provided to us from our sponsoring Member A&O Shearman.
Please enjoy the rest of our enclosed content!
My respect and kindest regards,
Paul Schonenberg
Chairman and CEO
AmCham.lu