Wages increased by 2.0% from previous quarter
Wages increased by 2.0% on average from previous quarter according to the quarterly wage index in 2nd quarter 2013. From previous year the increase was 5.9% on average, 6.1% in the private sector and 5.0% in the public sector. The annual increase was 5.1% for the central government employees and 5.0% for the local government employees.
Wages in the private sector by economic activity and occupational group
From the previous quarter, wages increased by 2.3% in Transport, storage and communication. During the same period wages in Manufacturing increased by 1.2%. The annual change of the wage index ranged from 5.4% in Manufacturing to 7.7% in the economic activity of Financial intermediation.
Wages for Managers and General, machine and specialized workers increased by 1.1% while wages for Clerks increased by 2.4%. Annual change ranged from 5.1% for Craft workers to 7.7% for Clerks.
Collective agreements
Collective agreements in the Icelandic labour market from 2011 affect the wage index in the 2nd quarter of 2013. The collective agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions), signed May 2011, stipulates a general wage rise of 3.25 % in February 2013. The collective agreement between the Minister of Finance, on behalf of the State Treasury, and Federation of General and Special Workers (on behalf of its member unions), signed June 2011, stipulates a general wage rise of 3.25% in March 2013. Agreements between the Association of Local Authorities and Municipal Employees, signed May 2011, stipulates a general increase in wage tables from 1st. March 2013.