Germany's Largest Union Agrees to 6.5% Wage Increase: "Largest Raise in 30 Years"
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[Asia Economy Reporter Naju-seok] IG Metall, one of Germany's largest labor unions, has agreed to a 6.5% wage increase this year. This wage hike in the steel industry is expected to lead to a broader rise in salaries across Germany.
According to foreign media on the 15th, although IG Metall's wage increase falls short of the 8.2% demand, it represents the largest increase in recent years' wage negotiations. They had requested a wage increase in May this year due to Germany's inflation rate reaching 8.7%, the highest in 40 years.
IG Metall explained that this wage increase is the largest in the German steel industry over the past 30 years.
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This wage increase will apply to 68,000 workers in the northwestern region of Germany. Wage negotiations for 33,000 workers in eastern Germany are also scheduled to begin on the 17th.
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