Wage disputes deepen in Germany’s public sector banks as fears of inflation persist

ছবি Photo from Reuters File: Skyline with Banking District was photographed in Frankfurt, Germany, on October 1, 2021.

By Tom Sims and Frank Siebelt

FRANKFURT (Reuters) – A labor dispute erupted at Germany’s public-sector bank on Wednesday after failing to reach a third round of negotiations, with inflation fears urging unions to stand firm on higher wages.

The stalemate, which has affected nearly 20,000,000 workers at development banks such as Germany’s Landsbanken and KFW, has led to a halt to wage negotiations for private bank employees. Deutsche Bank (DE 🙂 and Commerzbank (DE :).

Germany has more banks per capita than its neighbors and other industrialized economies. This has created stiff competition and low profits, and has resulted in efforts to reduce costs and reduce headcount.

Government bank workers have gone on strike warning the union to underscore the union’s demand for a 5.5% wage increase and the right to work outside the office.

Jan Dushek, an official overseeing negotiations for the Verdi workers’ union, said he was disappointed with the outcome of the latest negotiations.

“There was no specific offer for pay, nor did we enter into serious discussions about working mobile,” he told Reuters.

Germany had an annual inflation of 1.1% in September, highlighting rising price pressures as Europe’s largest economy recovered from the Kovid-1 pandemic epidemic and its companies faced supply shortages.

DBV union spokesman Oliver Popp said inflation concerns were playing a big role in the union’s demands.

“Ordinary bank employees are not very rich,” Pop said.

He said “enough to get paid” and the price of energy is “crazy”.

Negotiators for bank management have said they expect to secure an agreement in the next round of talks scheduled for November.

Last week, union officials canceled planned wage talks with private banks, when they said management was dissatisfied with the counter-proposal. The union wants an increase of .5.5% for the employees of the 1,000,000 private banks represented in the negotiations.

Earlier this year, employees at Deutsche Bank’s call centers, some of whom were paid 12 euros (13 13.95) an hour, went on strike for higher wages and finally reached a pay deal after months of controversy.

(1 = 0.8603 euros)

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