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DEUTSCHE LUFTHANSA AG

(LHA)
  Report
Delayed Xetra  -  11:35 2022-09-23 am EDT
5.674 EUR   -2.94%
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Lufthansa reaches agreement with ver.di on significant salary increases for ground staff

08/08/2022 | 10:36am EDT

In the third round of negotiations, Lufthansa and the trade union ver.di have agreed on a new collective pay agreement for Lufthansa ground staff.

'We are pleased that we have succeeded in finding a good solution for our employees with the social partner,' said Michael Niggemann, Member of the Executive Board Chief Officer Human Resources at Deutsche Lufthansa AG. 'We have agreed on large salary increases. It was especially important to us to give disproportionately higher consideration to the lower and middle income groups. With this, we are living up to our social responsibility for our employees and ensuring our attractiveness as employer. In view of the continuing high burdens caused by the pandemic and the uncertain economic situation, we have spread the increase in compensation over several stages and created longer-term planning certainty through an 18-month term.'

In detail, the new collective compensation agreement includes the following components:

Fixed amount of 200 euros per month retroactive to July 1, 2022

Increase in basic monthly pay of 2.5 percent, but at least 125 euros, as of January 1, 2023

Increase in basic monthly pay of 2.5 percent from July 1, 2023

Term of at least 18 months

Exemplary increases in basic monthly pay (gross) within the term:

Basic pay/month of 2,000 euros: increase 19.2 percent

Basic pay/month of 3,000 euros: increase 13.6 percent

Basic pay/month of 6,500 euros: increase 8.3 percent

The agreement is still subject to the approval of the boards and a ver.di membership survey.

With regard to the upcoming negotiations with the cockpit and the cabin, Niggemann reaffirmed the Lufthansa management's willingness to reach an agreement and expressed confidence that good solutions can also be achieved here.

CONTACT

Media Relations

Lufthansa Group

Germany

lufthansa-group@dlh.de

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 30 862 M 30 007 M 30 007 M
Net income 2022 216 M 210 M 210 M
Net Debt 2022 7 900 M 7 682 M 7 682 M
P/E ratio 2022 34,9x
Yield 2022 -
Capitalization 6 783 M 6 595 M 6 595 M
EV / Sales 2022 0,48x
EV / Sales 2023 0,44x
Nbr of Employees 106 296
Free-Float 83,4%
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Number of Analysts 16
Last Close Price 5,67 €
Average target price 7,00 €
Spread / Average Target 23,3%
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Managers and Directors
Carsten Spohr Member-Management Board
Remco J. Steenbergen Chief Financial Officer
Karl-Ludwig Kley Head-Finance Division
Ola Hansson Chief Operating Officer
Christine Behle Vice Chairman-Supervisory Board
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