Friday - 23 March 2012
The wage index 2.1% higher than in the previous month
The wage index in February 2012 is 427.1 points, 2.1% higher than in the previous month. In the last twelve months the monthly wage index has risen by 11.3%.
|Wage Index 2011-2012|
|December 1988=100||Change from previous month, %||Annual rate based on the change in the last|
|Index||3 months, %||6 months, %||12 months, %|
Real wages increased by 4.6% from the previous year
The real wage index in February is 112.0 points, and has increased by 1.1% from the previous month. In the last twelve months the real wage index has increased by 4.6%.
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 3.5% or a minimum wage rise of 11,000 ISK in February 2012.
According to the same agreement a special lump sum payment of 50,000 ISK was paid in May 2011. This payment no longer affects the wage index for February 2012. For further information see attached memorandum.