EHigh inflation actually has almost nothing but disadvantages, as the former Cologne economics professor Juergen B. Donges liked to say. But she also has friends: These are companies in which economic development would actually require wage cuts – but in which collective bargaining and other legal regulations prevent falling nominal wages.
It is possible for such companies, in times of high inflation, simply not to let wages rise as much as elsewhere and thus to cut real wages without it being very noticeable on paper.
On average, according to the latest figures from the Bundesbank, real wages in Germany fell by a good 4 percent last year without anyone hearing of any wage cuts.
The extent to which employees are affected seems to depend on two factors: firstly, how narrow their specialization is on the labor market. IT employees benefit from this – but probably not clerks in public administration. They benefit from the fact that strikes in this area have a great threat potential – and their union was very willing to go on strike.