BERLIN (Reuters), a pay rise for 15,000 employees Deutsche Bank (DE:). The retail unit Postbank was agreed to by management on Wednesday. This union announced that the agreement is good news for wage negotiations in general after months of strikes and wrangling.

This deal was made on Tuesday night as German inflation hovers around 5%. Deutsche also paid 20% more to its chief executive officer in 2021 in recognition of the bank’s most profitable decade in a decade.

According to the Verdi union, employees will receive a 3.1% increase in their pay starting June 1, and an additional 2.1% increase beginning February 2023. Additionally, the deal includes payments of 750 euros in May and January.

A 6% pay increase was requested by the union, along with other benefits.

On Friday, workers went on strike in protest against the current pay negotiations. This was just before Tuesday’s third round.

Now, attention turns to the wage negotiations for 60,000 German public-sector bank workers and 140,000 private bank workers.

These workers are suing for a 4.5% increase in their pay and other rights, such as the right to work outside of the office. This wage dispute continues since last year.

Although high inflation was a boon for union officials, banks face stiff competition from other financial institutions and lower profits. This has led to attempts to decrease costs and increase headcount.

Germany is home to more than any other country and has more banks per head than its neighbors.