Friday - 20 July 2012
The wage index is essentially unchanged from previous month
The wage index in June 2012 is 433.1 points, 0.04% higher than previous month. In the last twelve months the monthly wage index has risen by 6.9%.
|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, %|
|Notes: Wage indeex 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.|
In the collective agreements from May and June 2011 between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions) and between the Minister of Finance, on behalf of the State Treasury, and Federation of General and Special Workers (on behalf of its member unions), the Federation of State and Municipal Employees (on behalf of its member unions) and the Icelandic Confederation of Labour (on behalf of its member unions) a special holiday payment of 10,000 ISK was paid in June 2011. This payment no longer affects the wage index for June 2012. For further information see attached memorandum.
Real wages decreased by 0.5% from previous month
The real wage index in June is 111.0 points, 0.5% lower than in the previous month. In the last twelve months the real wage index has increased by 1.4%.