In the year 2008 employees’ average monthly regular salaries were 324 thousand ISK. Fulltime employees’ average monthly salaries were 355 thousand ISK. Total regular salaries for full time employees in the private sector were 393 thousand ISK and average total salaries 459 thousand ISK. Paid weekly hours were 44.7 on average.
There is an apparent difference between averages and median values. In each instance the median is lower than the average. The average is sensitive to outliers, and in the case of wages, outliers have the tendency to pull the average upwards. This can partly be explained by the fact that collective agreements ensure minimum wages for all workers, but do not decide on any upper limits. The median is not as sensitive to outliers as the average because it divides the employees into two halves. One half has earnings below the median and the other half has earnings above the median. The figure below shows the average and median salaries for full-time employees in the private sector 2008.
Managers had the highest earnings in 2008. Managers’ monthly regular salaries were 686 thousand ISK and total salaries were 902 thousand ISK on average. General, machine and specialized workers had the lowest regular salaries in 2008, a regular salary of 226 thousand ISK on average. Total salaries were lowest among Service workers and shop and market sales. This occupational group had a total salary of 325 thousand ISK on average.
Earnings were highest in the economic activity of Financial intermediation, regular salaries were 472 thousand ISK on average and total salaries were 654 thousand ISK. Regular salaries were lowest in the economic activity of Manufacturing, 317 thousand ISK. Total salaries were lowest in the economic activity of Wholesale and retail trade or 371 thousand ISK on average.
These results and more can be found in a new a new issue of the Statistical Series within the category of Wages, income and labour market. The issue; Earnings in the private sector 2008, is based on the Icelandic survey on wages, earnings and labour costs for the economic activities of Manufacturing, Construction, Wholesale and retail trade; repair, Transport, storage and communications and Financial intermediation. Results are calculated for main economic activities, occupations and sex.
Earnings in the private sector 2008 - Statistical Series