NEWS RELEASE WAGES AND INCOME 20 APRIL 2016

The wage index in March 2016 is 568.8 points, 0.9% higher than in the previous month. In the last twelve months the monthly wage index has risen by 13.3%.

Wage Index 2015-2016
December 1988=100 Change from previous month, % Annual rate based on the change
in the last
   
  Index 3 months, % 6 months, % 12 months, %
2015          
March 502.1 0.3 6.2 4.7 5.6
April 503.2 0.2 4.2 3.8 5.2
May 505.7 0.5 4.0 4.5 5.3
June 517.1 2.3 12.5 9.3 7.1
July 523.0 1.1 16.7 10.2 7.9
August 524.7 0.3 15.9 9.8 7.7
September 531.0 1.2 11.2 11.8 8.2
October 532.9 0.3 7.8 12.2 7.9
November 537.6 0.9 10.2 13.0 8.7
December 542.7 0.9 9.1 10.1 9.7
2016          
January 545.0 0.4 9.4 8.6 9.4
February 564.0 3.5 21.1 15.5 12.6
March 568.8 0.9 20.7 14.7 13.3

Notes: The 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 following month.

Real wages were 0.5% higher than in the previous month
The real wage index in March 2016 is 134.8 points, 0.5% higher than in the previous month. In the last twelve months the real wage index has increased by 11.6%.



Collective agreements
New agreements in the private sector are still affecting the wage index, for example the agreement between member organizations of Icelandic Confederation of Labour and Confederation of Icelandic Employers, signed January 21st 2016.

About the wage index and the real wage index
The wage index is a price index based on data from the Icelandic survey on wages earnings and labour cost. The purpose of the index is to reflect changes in wages paid for fixed working hours. The index is based on earnings for contractual working hours and includes all wages paid for day time and fixed overtime hours, including additional payments and bonuses. Irregular payments and employers' social contributions and taxes are excluded.

The real wage index shows changes in wages in relation to changes of the consumer price index. In general, real wages increase when wages increase more than price levels, but decrease when inflation is higher than wage rises. Real wages are not the same as disposable income of households.

Statistics

Further Information

For further information please contact 528 1250 , email laun@hagstofa.is

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