Swedish parties agree new pension and insurance deal

Svenskt Näringsliv, LO and PTK have agreed on occupational pensions, insurance and transition support, SVT reports.

The agreement includes changes to the ITP 1 occupational pension plan and the collectively agreed parental benefit supplement, as well as improved rules for qualifying for transition support.

“This agreement is a success for LO,” said Veli-Pekka Säikkälä, LO’s agreements secretary.

The main issue was how to handle rising costs, said Mattias Dahl, deputy chief executive of Svenskt Näringsliv. The parties had reached a balanced solution that secures employees’ protections while safeguarding companies’ competitiveness, he said.