Tuesday - 22 April 2008
Monthly wage index in March 2008
The wage index in March 2008 is 337.6 points, 1.2% higher than in the previous month.
The wage index in March reflects the effects of a newly concluded collective agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions). The agreement was signed on 17 February 2008 and ratified by the trade unions on 12 March. The agreement stipulates, i.a. an increase in general wages by a fixed amount, 18,000 ISK from 1 February 2008, and a special 5.5% wage increase guaranty from January 2007 to the date of the introduction of the agreement. Considering that the agreement was fully ratified in mid-March it will presumably be fully enforced by the end of April.
The wage index in March also reflects the effects of a collective agreement between the Association of Local Authorities in Iceland and the Association of Teachers in Primary and Lower Secondary Schools and the Association of Head Teachers. According to the agreement, wages increased by 3% on 1 March 2008.
In the last twelve months the wage index has risen by 7.8%.
|Wage Index 2007-2008|
|Jan. 1989 = 100||Change from previous month, %||Annual rate based on the change in the last|
|Index||3 months, %||6 months, %||12 months, %|
|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.|