They are policy documents covering a wide range of economic and political issues, such as salaries, taxation, pensions, unemployment benefits, and housing costs.
The basic conundrum is simple: employees want higher salaries, employers want no wage hikes.
The government wants to maintain international competitiveness and a high employment rate, while simultaneously ensuring sufficient tax revenues and keeping inflation in check.
In 2008, the main employer's union Confederation of Finnish Industries, representing 70% of Finland's GDP, announced that new national income policy agreements will not be made, and that they will radically reduce the influence of the central union, and close down the special office that has prepared previous agreements.
The agreements have ultimately been an effective way to curb inflation, particularly in recent times where globalization has placed pressure on both the employers and employees.