GERMAN private bank staff have struck a deal with employers for a 10.5 per cent pay increase to cope with rising living costs, union and bank representatives said on Thursday (Jul 4).
The agreement, affecting some 140,000 workers, was agreed late on Wednesday in a third round of talks that followed a series of strikes.
The unions Verdi and DBV had originally demanded increases of 12.5 per cent and 16 per cent, respectively. But banks have been trying to keep a lid on costs.
Jan Duscheck, chief negotiator for the Verdi labour union, said the increase will provide “noticeable relief”. AGV, the association representing employers, called the deal “fair”.
The agreement is valid for 28 months. REUTERS
