More salary, more home office: Verdi and banks agree salary conflict

More salary, more home office
Verdi and the banks agree on the collective bargaining dispute

Verdi and the public banks argued for nine months. Now both parties agree on a new collective agreement for a good 60,000 bank employees. But that’s not all: Verdi now calls on private banks to “go back to the negotiating table.”

Employees of state and development banks, as well as various savings banks in Germany, will receive more money and will be able to work from home more often in the future. The sixth round of collective bargaining of public banks held on Thursday in Frankfurt marked progress in the talks that had been taking place since the end of June last year, as announced by both parties.

Specifically, the parties to the collective agreement agreed on a salary increase of three percent from July 2022 for the 60,000 employees and another two percent from July 2023. In addition, after the special Corona payment of 750 euros granted in March, there is another 300 euros once in April. From January 2024, the weekly working time will be reduced by one hour to 38 hours. The collective agreement is valid for 35 months until May 31, 2024.

“This result was achieved after very tough and prolonged negotiations, and the pressure of the many strikes that the workers had previously entered has certainly contributed to this,” Verdi union negotiator Jan Duscheck summed up. Gunar Feth, chief negotiator for the Federal Association of German Public Banks (VÖB), said that together we managed to put together a “very good salary package” that significantly cushions the consequences of inflation for employees of public banks. and he recognizes their achievements.”

Negotiations with private banks falter

Verdi entered the negotiations with a demand for 4.5 percent more money, but at least 150 euros more per month. The German Bank Employees Association (DBV) wanted more than 4.8 percent. An important topic of the negotiations was mobile work. Verdi wanted employees to be able to work mobile for up to 60 percent of their working hours. A contractual right has now been agreed to be able to work up to 40 per cent of work time on the go.

For the first time since 1972, the Public Banks Collective Bargaining Association represented its current 43 member institutes independently. Separate ongoing negotiations for 140,000 private bank employees in Germany have stalled. Verdi’s negotiator, Showerck, called on the bosses of the private banking industry (AGV Banken): “Come back to the negotiating table.” The financial statements of the public institutes and before Postbank showed “that fair and viable compromises are also possible in the banking industry in these times.”

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