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Verdi – Agreement reached in German private banking wage dispute

Verdi – Agreement reached in German private banking wage dispute
Verdi – Agreement reached in German private banking wage dispute

An agreement has been reached in the wage dispute in the German private banking sector.

According to the agreement, wages will increase by a total of 10.5 percent in three stages from August 1, the Verdi service union announced on Thursday. The wages of junior staff will increase by a total of 250 euros. The collective agreement is valid for 28 months. Verdi negotiator Jan Duscheck explained that strong commitment during the warning strikes had led to the decisive move in the third round of negotiations with the employers’ association on Wednesday evening. “Wage increases of more than ten percent will bring significant relief to wages.”

Thomas Lange, chairman of the private banking association, said: “The agreement is a fair compromise.” He praised the constructive atmosphere that prevailed during the negotiations. “Social partnership in the private banking sector has proven to be resilient and reliable.”

The parties also agreed to continue the process of collective bargaining reform that began last year and to engage in talks on a new wage structure and a modern, work-life-oriented organisation of working hours. The Verdi negotiating committee recommends that the collective agreement now reached be accepted. Verdi members now have until the end of July to vote on the agreement.

According to Verdi, collective bargaining for the more than 60,000 employees of public banks, such as development institutions and state banks, will continue on 12 September. The employers’ association has offered a 9.5% pay rise over 43 months. Verdi is demanding a 12.5% ​​pay rise over one year, but at least 500 euros more per month.

(Reporting by Christian Götz, editing by Sabine Wollrab. If you have any questions, please contact our editorial team at [email protected] (for politics and economics) or [email protected] (for companies and markets).

 
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