The Board of the Confederation of Finnish Industry has approved the result of the collective bargaining negotiations in the Finnish technology industry, which includes the metal, electronics and IT sectors.
The parties to the labor dispute reached an agreement in negotiations mediated by the National Conciliator on Tuesday night Vuokko Piekkala.
The board of the employers’ group’s Technology Industry Association approved the deal on Wednesday.
Accepting the terms of the technology industry collective agreement means that the strike has now been avoided, threatening the industry. The Confederation of Industry had threatened a large-scale strike if wage increases were not agreed. The strike warning issued on 30 December affected more than 40,000 employees in Finland.
As a result of the transaction, wages in the sector will increase by 2 percent during 2022. Agreements between the technology industry and the Confederation of Finnish Industry have in the past often been a model for trade in other industries.
Chairman of the Confederation of Finnish Industry Riku Aalto told Yle that he was happy with the agreement.
"The general increase for all employees is very important and, in addition, the local unit will be constructed in such a way as to ensure fair treatment of employees," he said.
"The solution is historic in two ways. First, employees receive higher pay increases than those in management positions. Secondly, a solution has been made with the new employers ‘association, the Technology Industry Employers’ Association." Aalto added.
The new technology collective agreement is valid until November 30, 2023, but it can be terminated by November 30, 2022 if the parties fail to reach an agreement on a 2023 wage settlement before then.
Currently, about 90,000 industrial workers work under the terms of the Technology Industry Agreement.
Source: The Nordic Page