Statistics Iceland shall compute and publish monthly a special wage index, as further described in this Act. The wage index shall be based on the averages for each month and be published after the middle of the following month. The index shall be set at 100 in December 1988, based on the wages in November 1988.

The wage index pursuant to this Act shall insofar as possible show changes in the total wages of all wage earners for fixed number of working hours. This refers to changes in the wages paid for daytime, overtime and nighttime work, including all job- and pay-related surcharges and bonuses.

For evaluating wage changes, Statistics Iceland shall collect such data and reports as it deems necessary and also conduct its own surveys of wages and benefits however this may be decided in more detail. When collecting data and evaluating wage changes, Statistics Iceland shall consult the wage research committees, economic departments, and other bodies sponsored by labour market associations which engage in investigating wages and benefits and assessing changes in wages and salaries. Public institutions which work on wage and income statistics shall furnish Statistics Iceland with all the information they can render for this purpose.

Concerning the implementation of this Act, the Minister may lay down further provisions by means of a regulation.