The wage index in July 2008 is 348.8 points, 0.7% higher than in the previous month.
The wage index in July reflects the effects of a newly concluded collective agreement between the Association of Academics (BHM), on behalf of 20 of its member unions and the Minister of Finance, on behalf of the State Treasury. The agreement stipulates, i.a. an increase in general wages by a fixed amount, 20,300 ISK from 1 June 2008. Employers’ contribution to retraining funds was discontinued at the same time and instead wages increased by 2.2%.
The wage index in July also reflects the effects of a collective agreement between the Association of Teachers in Upper Secondary Schools and the Minister of Finance, on behalf of the State Treasury. The agreement stipulates an increase in general wages by a fixed amount, 20,300 ISK from 1 June 2008.
In the last twelve months the monthly wage index has risen by 9.1%.
| Wage Index 2007-2008 | |||||
| January 1989=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2007 | |||||
| July | 319.8 | 0.3 | 6.8 | 5.4 | 8.3 |
| August | 321.1 | 0.4 | 5.4 | 5.7 | 8.0 |
| September | 323.1 | 0.6 | 5.2 | 6.4 | 8.1 |
| October | 324.6 | 0.5 | 6.1 | 6.5 | 8.1 |
| November | 325.9 | 0.4 | 6.1 | 5.8 | 8.3 |
| December | 326.6 | 0.2 | 4.4 | 4.8 | 8.6 |
| Average | 319.1 | . | . | . | 9.0 |
| 2008 | |||||
| January | 330.9 | 1.3 | 8.0 | 7.1 | 6.2 |
| February | 333.5 | 0.8 | 9.7 | 7.9 | 6.8 |
| March | 337.6 | 1.2 | 14.2 | 9.2 | 7.8 |
| April | 340.5 | 0.9 | 12.1 | 10.0 | 8.2 |
| May | 342.0 | 0.4 | 10.6 | 10.1 | 7.9 |
| June | 346.2 | 1.2 | 10.6 | 12.4 | 8.5 |
| July | 348.8 | 0.7 | 10.1 | 11.1 | 9.1 |
| Wage index are calculated and published according to law no 89/1989. The wage index is based on average for fixed hours earnings each month, calculated and published in the month following calculation. | |||||
Statistics