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Have you ever lived in Germany? Are suppressed wages a good sign?

Yes, I live in Berlin and I'm very happy here. I have a good work-life balance. Wages aren't worse than elsewhere in Europe excl. Switzerland.

I would think they're significantly lower than what you get in the south where all the major German companies are.

Not for tech jobs, no. Major German companies do not pay major salaries for engineers and programmers, so the Berlin tech scene is competitive.

It is for sure bad for all other countries in Europe.