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Topics News & Markets

Report: German labour minister urges above-inflation pay rises as economy solid

By The Associated Press | February 11, 2012

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BERLIN - Germany's labour minister is calling for solid wage rises in the country, pointing to healthy company profits following two years of strong economic growth.

In Germany, pay rises are hammered out between employers and union representatives in industrywide negotiations. This year, leading union IG Metall is seeking a 6.5 per cent raise for industrial workers.

Labour Minister Ursula von der Leyen was quoted Saturday as telling Bild am Sonntag newspaper that, following hard work and wage restraint in recent years, "success is there now: German business is making tidy profits."

She added: "Now employees must get a share in this, and they must feel the increase." She said that means wage increases "should not be gobbled up by price rises."

Germany's annual inflation rate was 2.1 per cent in January.

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