Almost 2 million workers in Europe's biggest economy are set for a big pay rise.
Three German political parties agreed to form a new government on Wednesday, with left-leaning Social Democrat Olaf Scholz set to succeed Angela Merkel as chancellor following lengthy coalition negotiations.As part of the coalition agreement, the country plans to raise its minimum wage to €12 an hour, from the current rate of €9.60 an hour.
Inflationary pressureEconomists and policymakers around the world have been closely watching rising wages as a key component of inflation. In Germany, inflation in October stood at 4.5%, the highest measure in almost three decades, as energy prices shot up and the cost of food climbed.Germany first introduced a national minimum wage of €8.50 in 2015.Support for minimum wages in Europe has grown as the power of labor unions has declined.
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