Collective Wage Agreements

VR and SA collective wage agreement 2024

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.

VR and FA collective wage agreement 2024

VR and SA collective wage agreement 2022

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.

VR and FA collective wage agreement 2022