The wage index in March 2014 is 475.3 points, 1.0% higher than in the previous month. In the last twelve months the monthly wage index has risen by 4.4%.
| Wage Index 2013-2014 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2013 | |||||
| March | 455.3 | 1.3 | 17.1 | 8.9 | 5.5 |
| April | 456.4 | 0.2 | 16.6 | 9.2 | 5.8 |
| May | 456.5 | 0.0 | 6.5 | 8.8 | 5.5 |
| June | 457.8 | 0.3 | 2.2 | 9.4 | 5.7 |
| July | 457.5 | -0.1 | 1.0 | 8.5 | 5.5 |
| August | 458.6 | 0.2 | 1.9 | 4.1 | 5.7 |
| September | 462.0 | 0.7 | 3.7 | 3.0 | 5.9 |
| October | 463.1 | 0.2 | 5.0 | 3.0 | 6.0 |
| November | 464.2 | 0.2 | 5.0 | 3.4 | 6.1 |
| December | 463.8 | -0.1 | 1.6 | 2.6 | 6.0 |
| 2014 | |||||
| January | 468.5 | 1.0 | 4.7 | 4.9 | 6.7 |
| February | 470.5 | 0.4 | 5.5 | 5.3 | 4.7 |
| March | 475.3 | 1.0 | 10.3 | 5.8 | 4.4 |
| Notes: The 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 following month. | |||||
Real wages increased by 0.8% from the previous month
The real wage index in March 2014 is 116.2 points, 0.8% higher than in the previous month. In the last twelve months the real wage index has increased by 2.2%.
Collective agreements
Recent collective agreements in the Icelandic labour market affect the wage index in March. An agreement between the Confederation of Icelandic Employers and some member unions of the Icelandic Confederation of Labour, signed 21 December 2013 and accepted in March, stipulates a general wage raise of 2.8% in February 2014 or at least 8.000 ISK for full-time equivalent. In addition it included a special increase for the lowest wage tables.
Considering that the agreement was not fully ratified until in March it affects the index in March.