German services union Verdi said Wednesday that it has agreed to a 5.4% pay increase over 26 months for roughly 220,000 employees in the private- and public-banking sector in Germany.
Employees' wages will increase in two phases, by 2.9% from July 1 of this year and by 2.5% from July 1, 2013. In July of this year, employees will also get a one-off payment of 350 euros ($439).
The collective-wage agreement runs until the end of April 2014.
The parties also came to further agreements on matters including health and safety and early retirement.
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(END) Dow Jones Newswires
June 06, 2012 14:08 ET (18:08 GMT)
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