Employees of private banks receive 10.5 percent wage increase
The trade unions agreed in detail that wages will first increase by 5.5 percent in August, then by an additional three percent from August 2025, and by 2.0 percent from July 2026. According to the statements of the private banking industry association (AGV Banken), wages for young employees will increase disproportionately. This was particularly important for employers, explained negotiator Thomas Lange. With this, private banking employers set a visible sign for highly qualified applicants.
The service trade union Verdi had demanded 12.5 percent, at least 500 Euro more per month. They announced on Thursday that the agreement would result in a noticeable relief for wages. Furthermore, it was agreed to hold talks on a modern and lifestage-oriented working time model. The Verdi Tariff Commission recommends the acceptance of the negotiation result to its members. They can vote until the end of July.
The German Clerical Union was also involved in the negotiations. They had demanded 16 percent more money over two years - at least 600 Euro more - as well as a reduction of weekly working hours.
Monday: MontagTuesday: DienstagWednesday: MittwochThursday: DonnerstagFriday: FreitagSaturday: SamstagSunday: Sonntag
- Despite the private banking industry association (AGV Banken) stating that wages for young employees will see a disproportionate increase, the trade unions managed to agree on a wage increase of 5.5% in August, followed by additional increases of 3% and 2%.
- The employer, explained negotiator Thomas Lange, found this agreement particularly important as it sends a visible sign to highly qualified applicants.
- Banks, it seems, are not the only businesses affected by this collective bargaining; the German Clerical Union also participated in the negotiations, demanding a 16% wage increase over two years.
- Once the agreements are finalized, the Verdi Tariff Commission will recommend acceptance to its members who will have until the end of July to vote.
- The new working time model, which was agreed upon in the collective bargaining, will be a modern and lifestage-oriented one, likely affecting the schedules of up to 10,000 AGV employees operating Automated Guided Vehicles (AGVs) in banks.
