Monday - 21 December 2009
Monthly wage index in November 2009
The wage index 1.5% higher than in the previous month
The wage index in November 2009 is 365.4 points, 1.5% higher than in the previous month. In the last twelve months the monthly wage index has risen by 4.0%.
|Wage Index 2008-2009|
|December 1988=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.|
Real wages increased by 0.7% from the previous month
The real wage index in November 2009 is 105.2 points, 0.7% higher than in the previous month. In the last twelve months the real wage index has decreased by 4.3%.
According to an agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions) signed 25 June 2009, wages for general workers and service workers increased by 6,750 ISK 1 November 2009. Wages for craft workers and clerks increased by 8,750 ISK from 1 November. The agreement also stipulated a minimum wage increase of 3.5% from 1 January 2009 to 1 November 2009.
According to an agreement between the Association of Local Authorities and the Federation of State and Municipal Employees (on behalf of 33 member unions), and the Icelandic Confederation of Labour (on behalf of its member unions) signed 8 July 2009 minimum wages increased by 6,750 ISK from 1 November 2009. Corresponding agreements were made between the Minister of Finance, on behalf of the State Treasury and the Federation of General and Special Workers (on behalf of its member unions) and the Federation of State and Municipal Employees.