Two-tier model and bonus: employees of private banks receive more money

Two-tier model and bonus
Employees of private banks get more money

After six rounds there is a result: the approximately 140,000 employees of Germany’s private banks get more money in two steps. There are also two single payments. Entrepreneurs speak of an almost viable solution.

After more than nine months of negotiations, the union and the employers agreed on a collective agreement for private banks in Germany. The salaries of around 140,000 employees will be increased in two stages by a total of five percent. They will increase by three percent on August 1 and another two percent on August 1, 2023, as announced by Verdi and the private banking employers after the sixth round of collective bargaining. This spring and January 2023 there will be single payments of 500 euros each. The remuneration of apprentices will also be increased. The collective agreement runs until May 31, 2024.

“The wage increases that have now been achieved create significant financial relief,” Verdi’s negotiator Jan Showereck said. No agreement was reached on the issues of the junior staff collective agreement and mobile work. “But these issues are still subject to resubmission.”

The employers’ lead negotiator, Sabine Schmittroth, described the result as a “still workable compromise” that demanded a lot from all involved. “With this salary agreement we are recognizing the performance of our employees in difficult times and we are significantly reducing the consequences of rising inflation, especially for employees in the middle and low salary brackets.”

Verdi entered the negotiations on July 1 last year with a demand for 4.5 percent more money for twelve months. More recently, the union demanded a one-time payment of 1,500 euros for a period of 24 months, an increase in collective wages by 3.5% retrospectively from January 2022 and another 2.5% from January 2023, plus two days vacation add-ons. Verdi had backed up the demands with numerous warning strikes.

A salary agreement was reached last week for 60,000 employees of state and development banks in Germany. There has also already been an agreement for Postbank, which belongs to the Deutsche Bank Group and traditionally has internal salary agreements.

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