Germany’s second-largest union plans to incorporate expectations of higher inflation into its payroll requirements for this year and next, raising cost pressure for companies, according to Bloomberg.
Ver.di, which represents about 2 million workers in the German services industry, expects inflation to stabilize above 3% and aims to increase wages for its members, President Frank Werneke said in an interview with Neue Zuercher Zeitung.
Inflation is fast becoming a political issue in Europe’s largest economy, which has seen its prices rise the fastest in three decades.
German inflation was at 5.1% in January and is projected to be 3.7% for 2022.
Source: Capital
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