Industrial Relations in Austria

Abstract

Austria's economic progress during the last twenty years has been most impressive, comparing favourably with other industrialised countries. Major credit is ascribed to the social partnership between labour and management, which extends to all areas of social and economic concern. Its most significant manifestation has been the adoption, in 1957, of an incomes policy, of voluntary wage and price restraint. The results have been: significant improvements in the standards of living; full employment; modest inflation; and an enviable record of industrial peace. The social partnership is supported by an understanding with the government, which allows the two major interest groups considerable freedom to carry out their commitments to wage and price restraint.