Tuesday - 24 April 2012
The wage index in March is 1.1% higher than in the previous month
The wage index in March 2012 is 431.7 points, 1.1% higher than in the previous month. In the last twelve months the monthly wage index has risen by 12.1%.
|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, %|
|Wage index is calculated and published according to law no 89/1989. The wage index is based on regular hours earnings each month, calculated and published in the month following calculation.|
Real wages increased by 5.3% from previous year
The real wage index in March is 112.1 points, 0.03% higher than in the previous month. In the last twelve months the real wage index has increased by 5.3%.
The collective agreement between the Association of Local Authorities and the Federation of State and Municipal Employees, signed May 2011, stipulates a general wage rise of 3.5% in March 2012.
According to the same agreement a special lump sum payment of 50,000 ISK was paid in July 2011. This payment no longer affects the wage index for March 2012. For further information see attached memorandum.