Parties to a long-running industrial pay dispute reached a final agreement on Sunday.
The settlement was approved by the boards of both parties, the Industrial Union, representing workers, and employers' group the Technology Industry Employers of Finland.
The new collective agreement will raise salaries by 3.5 percent this year. Workers will also receive a one-time 400-euro payment. In 2024, wages will increase by two percent, according to the Industrial Union.
In total, the pay deal represents a seven-percent cost increase for employers. The two-year deal covers some 90,000 workers.
The industrial sector dispute led to a three-day strike earlier this week, and threatened to lead to a wave of strikes across other sectors.
Ahead of the strike Riku Aalto, head of the Industrial Union which represents tech sector workers, said wage increases need to reflect the rise in the rate of inflation.
"Wages have to go up because prices have risen. Wage earners must be given the prospect of making up for lost earnings. Finland's strong competitiveness makes it possible to raise wages without endangering jobs," Aalto said in a union statement.
The terms of collective bargaining agreements reached between unions and employers in the Finnish technology industry often set the benchmark for other sectors.
Finland does not have a statutory minimum wage, relying instead on wage bargaining by sector. Most workers in Finland are covered by a collective agreement between employers and employees, and often they apply to every firm in the sector.
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