Please note that this release was corrected 2. september 2013 at 9:00

Wages increased 2.5% from previous quarter
Wages increased by 2.5% on average between the 1st and 2nd quarter of 2011 according to the quarterly wage index. During the same period wages in the private sector increased by 2.9% and by 1.5% in the public sector. Wages increased by 5.8% from previous year, 7.1% in the private sector and 3.0% in the public sector.

Wages in the private sector by economic activity and occupational group
From the previous quarter, wages increased by 3.2% in the economic activity of Transport, storage and communication. During the same period wages in Construction increased by 2.0%. The annual change of wage index ranged from 3.4% in Construction to 9.8% in the economic activity of Financial intermediation.

Wages for Technicians and associate professionals increased by 3.5% from previous quarter, while wages for Managers increased by 2.4%. Annual change ranged from 5.8% for Craft workers to 8.6 % for Professionals.

Collective agreements
Recent collective agreements in the Icelandic labour market affect the wage index in the 2nd quarter 2011.

A collective 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% 1. June 2011, a special lump sum payment of 50,000 ISK in May and a special holiday payment of 10,000 ISK in June.

Collective 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% 1 June 2011, a special lump sum payment of 50,000 ISK and a special holiday payment of 10,000 ISK in June.

Collective 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% 1 June 2011 and a special lump sum payment of 50,000 ISK in June.