By Cecilia Butini

Deutsche Post AG said Sunday that it has come to an agreement with the German Ver.di union to offer employees a wage increase.

The German postal-service company said that the agreement includes a special payment of 3,000 euros ($3,192) over 15 months to compensate for inflation, as well as a monthly increase of EUR340 from 2024.

The raise affects about 160,000 employees in Germany and the deal was closed despite a downward profit trend in the mail-and-parcel business and a difficult regulatory environment, the company said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 13, 2023 03:47 ET (07:47 GMT)

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