September 20, 2018 / 2:00 PM / a year ago

German chemical makers agree 4.6 pct pay hike for workers

FRANKFURT, Sept 20 (Reuters) - Germany’s chemical industry trade union IG BCE and employers agreed a wage increase of about 4.6 percent on Thursday, in a deal that will be up for renegotiation after 15 months.

Wages for 580.000 German workers in the chemical industry will rise by 3.6 percent and the annual holiday payment will be doubled to 1,200 euros, the union said in a statement.

Employers also agreed to offer more flexible working hours, but details have yet to be negotiated, it added.

The largest German chemical companies are BASF, Evonik and Covestro. Major foreign producers such as DowDuPont, Ineos and LyondellBasell also operate sites in Germany, which is Europe’s largest chemical producing nation.

The union had initially demanded a 6 percent pay rise, to be renegotiated after 12 months. (Reporting by Ludwig Burger; editing by Thomas Seythal)

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