New Collective Wage Agreements 2019

Living Standards Agreement 2019–2022
Guarding the purchasing power of wages, lower inflation and lower interest rates for the foreseeable future. Its a compound solution based on collaboration between the trade union movement, employers and the authorities.

Electronic voting on the collective wage agreements took place
from 11 April to 15 April.  The wage agreements were approved by 88% of votes.

New Collective Wage Agreements

A rate-of-pay increase in ISK was negotiated as planned at the beginning of negotiations. In addition, the wage increases are partly linked to the development of economic growth and assume an annual review of rate-of-pay wages in light of wage developments in the mainstream labour market. The working week, moreover, is shortened, something that was one of the main targets for VR in the negotiations, and flexibility increased. One of the main goals of the agreement is to promote interest rate decreases, which will increase the purchasing power of households. The effective term of the agreement is from 1 April 2019 until 1 November 2022.

Below are the agreements, in Icelandic only for now, but will soon be available in English.