Social partners from Germany’s banking sector, including both public and private banks, unveiled the result of their negotiations on the morning of Thursday 4 July. The new collective agreement, valid until June 2021, is to apply to close to 190,000 workers and includes a pay rise of 4%, which will take effect in two stages. In addition to the pay rise, the agreement includes a package of measures aimed at preparing workers for the digital transition. Furthermore, negotiations were opened on several topics, including the sector’s pay scale, the creation of a collective agreement for traineeships, and an updating of the agreement on company pensions.
Two-stage pay rise of 4%. Social partners from Germany’s public and private banking sector announced that they had reached, during the night between 3 and 4 July, a compromise on a new branch-level agreement that includes wage increases as well as a series of new measures on ongoing training and re-skilling of workers so they can adapt to changes caused by the digital transition. Achieving such a compromise was by no means easy. It comes amid a period of slow consolidation in Germany’s banking
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