The Wassenaar Agreement (not to be confused with the Wassenaar Arrangement) was an agreement reached in 1982 between employers' organisations and labor unions in the Netherlands to restrain wage growth in return for the adoption of policies to combat unemployment and inflation, such as reductions in working hours and the expansion of part-time employment. The agreement has been credited with ending the wage-price spiral of the 1970s, greatly reducing unemployment and producing strong growth in output and employment. The International Labor Organization describes the Wassenaar as "a groundbreaking agreement, setting the tone for later social pacts in many European countries".
Famous quotes containing the word agreement:
“A marriage based on full confidence, based on complete and unqualified frankness on both sides; they are not keeping anything back; there’s no deception underneath it all. If I might so put it, it’s an agreement for the mutual forgiveness of sin.”
—Henrik Ibsen (1828–1906)