Bad timing for employers. As Verdi was fighting to get a 6 percent wage increase for the banking sector’s 220,000 employees (see our dispatch No. 120040), we learned, on May 11, that Martin Blessing, chairman of the board at the Commerzbank, which the State saved from bankruptcy during the financial crisis, was going to receive, in 2012, a fixed income of €1.3 million, i.e. a 160 percent increase. Even though this decision is legal, as the law allows banks that successfully paid back at least half of the funds perceived to remove the measure limiting managers’ pay to €500,000. However, the timing is really bad as the executive negotiator on employers’ side is Ulrich Sieber, HR manager at the Commerzbank’s board. Yet, Verdi says that, at the 3rd bargaining round on May 4, his offer was “obviously not enough.” Thus, employers propose a 4.2 percent wage increase divided in three over 30 months. According to Verdi, this would amount to an increase below 1.4 percent over one year which, because of inflation, would mean a cut in real earnings. “We’re now entering the mobilization phase. Strike measures are going to start by the end of May” warned, on May 14, Beate Mensch, member of Verdi’s board.
gotiator on employers’ side is Ulrich Sieber, HR manager at the Commerzbank’s board. Yet, Verdi says that, at the 3rd bargaining round on May 4, his offer was “obviously not enough.” Thus, employers propose a 4.2 percent wage increase divided in three over 30 months. According to Verdi, this would amount to an increase below 1.4 percent over one year which, because of inflation, would mean a cut in real earnings. “We’re now entering the mobilization phase. Strike measures are going to star
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