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IG Metall Wins 3% Wage Hike
Germany's IG Metall union has accepted a 3.4% wage hike for its 800,000 members in southwestern Germany, home to Daimler and Porsche.
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Germany's IG Metall union has accepted a 3.4% wage hike for its 800,000 members in southwestern Germany, home to Daimler and Porsche.
IG Metall had demanded a 5.5% raise; employers offered 2.2%. Germany's inflation rate was only 0.9% last year. But the union argued its members deserved a bigger share of the auto industry's record profits. The new pact takes effect on April 1.
Economists say the relatively rich settlement, considered a benchmark for labor negotiations elsewhere in the country, will help deflect worries of possible deflation in the eurozone.
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