News
Tuesday - 24 April 2012
No. 78/2012
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, % | ||
| 2011 | |||||
| March | 385.2 | 0.3 | 2.2 | 2.4 | 4.4 |
| April | 385.6 | 0.1 | 2.5 | 2.0 | 4.4 |
| May | 389.9 | 1.1 | 6.4 | 4.0 | 5.3 |
| June | 405.0 | 3.9 | 22.2 | 11.8 | 7.1 |
| July | 409.1 | 1.0 | 26.7 | 14.0 | 7.8 |
| August | 409.7 | 0.1 | 21.9 | 13.9 | 8.0 |
| September | 412.8 | 0.8 | 7.9 | 14.8 | 8.4 |
| October | 415.7 | 0.7 | 6.6 | 16.2 | 8.9 |
| November | 416.9 | 0.3 | 7.2 | 14.3 | 9.0 |
| December | 418.2 | 0.3 | 5.3 | 6.6 | 9.2 |
| 2012 | |||||
| January | 418.2 | 0.0 | 2.4 | 4.5 | 9.1 |
| February | 427.1 | 2.1 | 10.2 | 8.7 | 11.3 |
| March | 431.7 | 1.1 | 13.6 | 9.4 | 12.1 |
| 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%.
Collective agreements
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.
Statistics