Munich The Hypovereinsbank (HVB) will pay its employees an inflation adjustment of 2,500 euros in December. The Munich bank announced this in an internal letter that was available to the Bloomberg news service and was confirmed by a spokeswoman. Apprentices therefore receive 1,250 euros.
The subsidiary of the major Milan bank UniCredit SpA, which formally trades as UniCredit Bank AG, joins an ever-growing number of German financial institutions that use a federal government regulation for such payments. Among other things, Commerzbank and LBBW are planning a one-off payment to cushion the high inflation for their employees.
“With this inflation adjustment, we also want to send you a signal of appreciation and say thank you for your tireless commitment and for the collegial cooperation,” write bank boss Michael Diederich and other board members in the memo. “We stand together – even in difficult times.”
More: Which banks pay their employees an inflation bonus
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