(Bloomberg) -- Germany’s latest wage settlement echoes another notorious pay deal in the 1970s that heralded years of economic malaise, even though there’s less cause for alarm for now.Most Read from BloombergCredit Suisse Fights to Win Back Confidence as Stock SlumpsBofA Gets More Than $15 Billion in Deposits After SVB Fails‘Old-School’ Signature Bank Collapsed After Its Big Crypto LeapSignature Bank Faced Criminal Probe Ahead of Firm’s CollapseRussian Fighter Jet Collides With US Drone Over Bl
Germany's Deutsche Post postal company said on Saturday it had agreed a wage deal with the Verdi trade union that would enable it to avoid an indefinite strike threatened by unionised workers. The offer - which members still need to vote on - would give Deutsche Post's 160,000 employees in Germany a one-off payment of 3,000 euros over 15 months and raises monthly wages by 340 euros from April 1, 2024, the company said in a statement. That means wages will rise in total by 11.5% on average, with salaries for workers in lower-paid brackets set to increase by more than 20%.
BERLIN (Reuters) -Members of Germany's Verdi trade union backed an indefinite strike at Deutsche Post on Thursday but also said wage negotiations would continue on Friday. Some 86% of union members polled had voted to reject the German postal company's current wage offer, well above the 75% threshold required for industrial action, the union said. Deutsche Post, which owns logistics giant DHL, called on the union to enter another round of negotiating.