Bank workers in Germany win double-digit wage increases

In a landmark achievement for the private banking sector, Germany’s United Services Union (ver.di) has negotiated a significant salary increase of 10.5 per cent. As the union announced today, 69.6 per cent of the participating ver.di members ratified the agreement negotiated with the employers’ association for private banking at the start of July. 

Under the new agreement, workers’ wages will see a 5.5 percent increase from 1 August 2024. Moreover, trainees will benefit from an additional 150 euros in their monthly compensation. In August 2025, salaries will be increased by another 3 per cent, followed by a 2 percent increase in July 2026. With each of these increases, trainees will receive an additional 50 euros. Over 140,000 workers in branches, in risk management and in the back office will benefit from the agreement, which followed a series of “warning strikes” that gave workers and their trade union the necessary momentum in the negotiations.

Maureen Hick, Director of UNI Europa Finance, said: We congratulate ver.di and its members for this landmark agreement and significant victory. The salary increases and other provisions will help make a real difference in working people’s lives. 

Ver.di has also scheduled negotiations for late summer 2024 to address three critical issues: salary structure reform, employment security and working time sovereignty.

Jan Duscheck, ver.di’s industry and collective bargaining coordinator for financial services, commented: “We are advocating for employees to have more options in designing their working hours and finally achieving a reform of salary structures. ver.di remains committed to fighting for fair wages, better working conditions, and enhanced job security for all employees in the banking sector.

Image: © Julia Carola Pohle