The main goal of these agreements is to contribute to the reduction of inflation and interest rates,, which is a matter of great interest to households and companies. Furthermore, the aim of the agreement is to increase the purchasing power of wage earners, create predictability in the economy, reduce inflation expectations and strengthen the competitiveness of the Icelandic economy. This agreement also stipulates a productivity increase for all employees, which is based on measured productivity, and a purchase rate increase on the purchase rate of collective agreements.
The effective term of the agreement is from 1 February until 31 January 2028.
This collective wage agreement is an extension of the parties’ Living Standards Agreement that was valid from 2019–2022. According to the parties to the agreement, the agreement supports the purchasing power of wages as well as providing predictability to households and companies in times of great uncertainty. The agreement can thus build stability and create the conditions for a long-term agreement.
The effective term of the agreement is from 1 November 2022 until 31 January 2024.
On 21 January 2016, a collective wage agreement was signed with the Confederation of Icelandic Employers (SA). The agreement was approved by 91.28% of the votes cast in the ballot which ended February 24th 2016.
The agreement is effective from 1 January 2016 to 1 December 2018. It includes significant additions to the increases that were negotiated last year. The agreement is based on a framework agreement between the entities in the labour market from 27 October 2015 and the protocol on pension rights from 5 May 2011 and is aimed at ensuring equality in wage development on the basis of shared wage policies and the equalisation of pension rights. The agreement and pay scales can be viewed below.
On 22 January 2016, a new collective wage agreement between VR and the Icelandic Federation of Trade was signed. The agreement is virtually unanimous with the collective wage agreement that was signed between the member organizations of the Icelandic Federation of Labor and SA yesterday and provides for the same wage changes.
The agreement was approved by 91,59% of the votes cast in the ballot which ended on 24 February 2016. The agreement and pay scales can be viewed below.
A new collective wage agreement between VR and SA was signed on 29 May 2015. The effective term of the agreement is to year-end 2018. The agreement was approved by 73.9% of the votes cast in the ballot among members, which was held from 10-22 June 2015. The main points of the agreement can be viewed below.
A new collective wage agreement was signed between VR and FA on 29 May 2015. The effective term of the agreement is year-end 2018. The agreement was approved with 72.4% votes in a ballot among members, which was held from 10–22 June 2015.