The wage index in August 2008 is 350.4 points, 0.5% higher than in the previous month.
The wage index in August reflects the effect of a newly concluded collective agreement between the Icelandic Nurses Association and the Minister of Finance, on behalf of the State Treasury. The agreement stipulates, i.a. an increase in general wages by 14-15%.
The wage index in August also reflects the effects of a collective agreement between the Association of Local Authorities in Iceland and the Association of Teachers in Primary and Lower Secondary Schools. The agreement stipulates an increase in general wages by a fixed amount, 25,000 ISK from 1 July 2008 and 9,000 ISK from 1 August 2008. It also stipulates a decrease in the number of wage scales based on seniority. According to the agreement, wages will increase by approximately 2.5% on 1 October 2008.
In the last twelve months the monthly wage index has risen by 9.1%.
| Wage Index 2007-2008 | |||||
| January 1989=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2007 | |||||
| August | 321.1 | 0.4 | 5.4 | 5.7 | 8.0 |
| September | 323.1 | 0.6 | 5.2 | 6.4 | 8.1 |
| October | 324.6 | 0.5 | 6.1 | 6.5 | 8.1 |
| November | 325.9 | 0.4 | 6.1 | 5.8 | 8.3 |
| December | 326.6 | 0.2 | 4.4 | 4.8 | 8.6 |
| Average | 319.1 | . | . | . | 9.0 |
| 2008 | |||||
| January | 330.9 | 1.3 | 8.0 | 7.1 | 6.2 |
| February | 333.5 | 0.8 | 9.7 | 7.9 | 6.8 |
| March | 337.6 | 1.2 | 14.2 | 9.2 | 7.8 |
| April | 340.5 | 0.9 | 12.1 | 10.0 | 8.2 |
| May | 342.0 | 0.4 | 10.6 | 10.1 | 7.9 |
| June | 346.2 | 1.2 | 10.6 | 12.4 | 8.5 |
| July | 348.8 | 0.7 | 10.1 | 11.1 | 9.1 |
| August | 350,4 | 0,5 | 10,2 | 10,4 | 9,1 |
Statistics