After a year of negotiations and strikes, Finland’s center-right government convinced the country’s unions on Friday to accept an ’internal devaluation’ that will cut workers’ benefits for the first time in a century.
The largest trade unions and main business representatives approved a proposed labor reform pact intended to boost export competitiveness in the stagnant economy of the Nordic country, a euro member state.
The reform pact will increase annual working hours, lower holiday bonuses, freeze wages for a year and increase pension contributions for workers while lowering them for employers…….
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