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Business

Deutsche Post Reaches Agreement with Union

Deutsche Post said Wednesday it reached an agreement with services union ver.di over a wage dispute that made it the target of warning strikes in recent days. Under the new wage agreement, the 160,000 workers and employees of Germany's postal monopoly will receive a 2.7 percent raise in November and an additional 2.3 percent raise one year later. The deal, which will stay in effect until May 2004, also calls for one-time payouts of €65 in July and September for employees. Warning strikes held during the past week temporarily stranded between 9 and 12 million letters and packages in Germany, with more than 6,000 workers participating in the actions, according to union and post estimates.