The wage index 3.9% higher than in the previous month
The wage index in June 2011 is 405.0 points, 3.9% higher than in the previous month. In the last twelve months the monthly wage index has risen by 7.1%.
| Wage Index 2010-2011 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2010 | |||||
| June | 378.3 | 2.2 | 10.5 | 6.5 | 6.1 |
| July | 379.5 | 0.3 | 11.3 | 7.0 | 6.0 |
| August | 379.5 | 0.0 | 10.6 | 6.0 | 6.0 |
| September | 380.7 | 0.3 | 2.6 | 6.4 | 6.0 |
| October | 381,8 | 0.3 | 2.4 | 6.8 | 6.0 |
| November | 382.4 | 0.2 | 3.1 | 6.8 | 4.7 |
| December | 383.1 | 0.2 | 2.5 | 2.6 | 4.5 |
| 2011 | |||||
| January | 383.2 | 0.0 | 1.5 | 2.0 | 4.4 |
| February | 383.9 | 0.2 | 1.6 | 2.3 | 4.2 |
| March | 385.2 | 0.3 | 2.2 | 2.4 | 4.4 |
| April | 385.6 | 0.1 | 2.5 | 2.0 | 4.4 |
| May | 389.9 | 1.1 | 6.4 | 4.0 | 5.3 |
| June | 405.0 | 3.9 | 22.2 | 11.8 | 7.1 |
| Wage index is calculated and published according to law no 89/1989. The wage index is based on regular hours earnings each month, calculated and published in the month following calculation. | |||||
Real wages increased by 3.4% from the previous month
The real wage index in June 2011 is 109.5 points, 3.4% higher than in the previous month. In the last twelve months the real wage index has increased by 2.7%.
Collective agreements
Recent collective agreements in the Icelandic labour market affect the wage index in June.
An agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions), signed 5 May 2011, stipulates a general wage rise of 4.25% and a special holiday payment of 10,000 ISK in June.
Agreements between the Minister of Finance, on behalf of the State Treasury, and Federation of General and Special Workers (on behalf of its member unions), the Federation of State and Municipal Employees (on behalf of its member unions) and the Confederation of Labour (on behalf of its member unions) signed in May and June stipulates a general wage rise of 4.25%, a special lump sum payment of 50,000 ISK and a special holiday payment of 10,000 ISK in June.
Agreements between the Association of Local Authorities and the Federation of State and Municipal Employees (on behalf of its member unions) and the Confederation of Labour (on behalf of its member unions) signed in May and June stipulates a general wage rise of 4.25% and a special lump sum payment of 50,000 ISK.
Statistics