(Bloomberg) -- Deutsche Bank AG is set to announce an extra payment for staff in Germany to help combat the impact of accelerating inflation.

The lender is close to a decision on a one-time disbursement to most domestic employees, people familiar with the matter said. The management board will likely make a decision on Tuesday and is leaning towards 1,500 euros ($1,500) per person, the people said, asking not to be identified discussing the private matter. 

“Deutsche Bank is examining whether to make use of options in the federal government’s third relief package,” a spokesman said by email. The statement refers to the possibility of making tax-free one-time payments to staff as a way to help offset rising prices.

Germany’s inflation rate hit 11.6% in October, the highest in about seven decades. The payment would put Deutsche Bank in line with several other lenders in the country that announced similar measures, including crosstown rival Commerzbank AG.

For Chief Executive Officer Christian Sewing, the extra cost adds to headwinds as he seeks to meet the key profitability target in the final year of his turnaround plan. He’s previously highlighted higher expenses associated with inflation as one reason why meeting the bank’s goal is “challenging.” 

Deutsche Bank has wage agreements in place with most of its unionized staff in Germany, which last into next year or even 2024. Those deals locked in pay increases far below the current inflation rate.

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