Private banks pay employees more money
In just three rounds of negotiations, the union and private banks have agreed on a new wage regulation. This means noticeable more money for approximately 140,000 employees nationwide. The employers refer to the simple and quick conclusion - Verdi to the success of the strike.
An agreement has been reached in the wage dispute in the German private banking sector. According to this, the salaries for the approximately 140,000 employees will increase in three stages by a total of 10.5 percent from August 1st, as the Services Trade Union Verdi announced. For newcomers, wages will increase by a total of 250 euros. The wage contract has a term of 28 months. The strong engagement during the warning strikes brought about the decisive movement in the third round of negotiations with the Employers' Association on the late Wednesday evening, Verdi negotiator Jan Duscheck explained.
Thomas Lange, Chairman of the Employers' Association of the Private Banking Industry, said: "The settlement is a fair compromise." He praised the constructive atmosphere during the negotiations. "The social partnership in the private banking industry has proven to be resilient and reliable." The solution was found as quickly as ever in the younger history of the association.
Furthermore, the wage parties agreed to continue the wage reform process initiated last year and to take up the talks for a new wage structure and a modern and lifestage-oriented working time design. The Verdi Wage Commission recommends accepting the achieved wage settlement. Verdi members can now vote on it by the end of July.
Regarding the wage negotiations for more than 60,000 employees in the public banks, such as funding institutions and state banks, it will continue on September 12th according to Verdi. Here, the employers have offered 9.5 percent more salary with a term of 43 months. Verdi demands a wage increase of 12.5 percent for a year, at least 500 euros more per month.
The new wage regulation, resulting from the negotiations between the union and private banks, will significantly impact the economy by providing a 10.5% increase in salaries for around 140,000 employees. This collectively bargained agreement also includes a wage boost for newcomers of 250 euros.
The successful resolution of the wage dispute, after intense strikes, demonstrates the resilience and reliability of social partnership in the German private banking sector, as acknowledged by the Employers' Association Chairman Thomas Lange.
