Business and Personal Finance Dictionary

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• ENTERPRISE AGREEMENT
  
  A wages-and-conditions agreement struck between an individual company and its workers (though each has to be ratified by the Industrial Relations Commission). The IRC cleared the way in 1991 for wage-bargaining at the so-called enterprise level, breaking the long-held dominance of the trade unions in negotiating industry-wide working conditions. An enterprise agreement usually improves pay rates and working hours in return for employee commitments to increase their productivity.
  
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