The monthly wage index in March 2024 increased by 2.4% from previous month and the monthly basic wage index increased by 2.6%. In the last twelve months the wage index has risen by 8.3% and the basic wage has risen by 8.1%.
The increase of the wage and basic wage indices is mostly caused by the collective agreements made last February between the Confederation of Icelandic Enterprise and the major labour unions in the private sector.