Deutsche Post CEO seeks cost savings on wages

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Deutsche Post expects tough wage negotiations in Germany, a market where it needs to cut costs because of falling margins, Sueddeutsche Zeitung reported, quoting Chief Executive Frank Appel.

"Sometimes we pay our employees twice as much as our competitors," Appel is quoted telling the paper. As a result Deutsche Post, which employs around 500,000 staff worldwide needs to think about whether it can continue to pay the same going forward, Sueddeutsche said.

Deutsche Post will decide in the fall whether or not it will ask German authorities to raise prices for stamps, Appel told the paper.