FRANKFURT (dpa-AFX) - The approximately 135,000 employees of private banks will receive more money from August. Their salaries will rise by a total of 10.5 percent in three stages until July 2026, as announced by the trade union Verdi and the employers' association of the private banking sector AGV Banken after the third round of negotiations. Trainees and dual students will receive a total of 250 euros more. The agreement is valid for 28 months.

"The strong commitment during the warning strikes has brought decisive movement to the negotiations. The pay rises of over ten percent provide noticeable relief for salaries," commented Verdi negotiator Jan Duscheck.

"The agreement is a fair compromise," said Thomas A. Lange, Chairman and chief negotiator of AGV Banken. He added that the long term would provide all parties involved with the planning security they urgently needed.

Verdi had demanded a 12.5 percent salary increase, but at least 500 euros per month. The German Bank Employees' Association (DBV) wanted an increase of 16 percent or at least 600 euros gross per month. The employers rejected the demands as too high and, according to Verdi, offered an 8.5 percent salary increase over 36 months.

The parties also agreed to discuss the organization of working hours and a new pay structure after the collective bargaining round./vni/DP/mis