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German metal, electric industries plan Tuesday strikes over wage row, union says
Global Banking & Finance Review®
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BERLIN (Reuters) – Workers in Germany’s electrical engineering and metal industries will launch strikes on Tuesday to put pressure on employers to increase their pay, according to a statement from the IG Metall union.
Tuesday marks the end of a truce period accompanying collective bargaining negotiations, in which the union has said a proposed pay rise for the 3.9 million workers in key sectors covered by the talks is too low.
The 3.6% raise over a period of 27 months offered by employers’ associations is considerably lower than the 7% sought by IG Metall – a demand criticised by companies as unrealistic amid a general slowdown in German industry.
Germany has been skirting recession for months now. The government is under pressure to reform the economy to regain ground amid fierce competition from abroad, weak demand for exports and structural challenges in its legacy industries.
However, unions point to stubbornly high inflation and the need to attract much-needed skilled labour.
Employees are now returning their constant price pressure at the checkout to the employers via warning strikes,” said IG Metall representative Nadine Boguslawski. “Wage restraint solves nothing, but only exacerbates the country’s problems.”
(Reporting by Rachel More, editing by Kirsti Knolle)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually and can impact wages and cost of living.
Compensation refers to the payment or benefits received by employees in exchange for their work. This can include salaries, bonuses, and other financial incentives.
Employment opportunities refer to available jobs or positions within a company or industry. These can vary based on market demand, economic conditions, and industry growth.
The financial sector encompasses institutions and services that manage money, including banks, investment firms, insurance companies, and real estate companies. It plays a crucial role in the economy.
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