Specifically, the airline re-confirms its agreement with the unions on the following key elements:

1. Re-instatement of the CWA until 31 December 2014 subject to mutually agreeable and binding commitments;
2. A personnel-related savings target of US$ 12.5 million for the financial year 2014;
3. Efficiency and productivity improvements, including in the areas proposed by the unions, to be prioritized in order to achieve the US$ 12.5 million savings target;
4. Implementation of other employee cost savings measures in the event that this 2014 savings target is not achieved through efficiency and productivity improvements.

In a spirit of compromise, Cargolux has, in its latest offer, reduced its original employee cost savings target from US$ 37 million (US$ 10 million in 2013 and US$ 27 million in 2014) to US$ 12.5 million for 2014 only. The resulting savings shortfall, following this compromise, will require the airline to compensate by savings in other areas of the business.

Cargolux’s latest response to unions reflects the company’s preparedness and determination to uphold social dialogue by offering a fair and equitable solution that will enable the social partners to swiftly work towards securing the long term financial sustainability of Cargolux.

The unions’ demand for partial or full repayment of the saved US$ 12.5 million in the event that Cargolux makes any profit ignores the necessity of long term financial sustainability of the company. Yet again in the spirit of compromise, Cargolux commits to consider reimbursing part of the savings if its financial targets for 2014 are achieved.

Certainty of employment, or expansion of activities, requires a successful and financially sustainable Cargolux in the short, medium and long term. Contributions from all stakeholders, including the unions, are essential conditions to achieving this goal.