The wage index 0.7% higher than in previous month
The wage index in December 2008 is 353.6 points, 0.7% higher than in the previous month. In the last twelve months the monthly wage index has risen by 8.3%.
Real wages declined by 8.2% from previous year
The real wage index in December is 109.0 points, 0.9% lower than in the previous month. In the last twelve months the real wage index has decreased by 8.2%.
Collective agreements in December
According to an agreement between the Association of Local Authorities and its main signatory’s, wages increased by a fixed amount of 20,300 ISK from 1 November 2008. Comparable agreements were made between other signatories at the local government level.
According to an agreement between the Confederation of Icelandic Employers and the Confederation of Icelandic Bank and Finance Employees, monthly wages below 450,000 ISK increased by a fixed amount of 20,500 ISK from 1 November 2008.
| Wage Index 2007-2008 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2007 | |||||
| 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 |
| September | 352.2 | 0.5 | 7.1 | 8.8 | 9.0 |
| October | 353.3 | 0.3 | 5.3 | 7.7 | 8.8 |
| November | 351.3 | -0.6 | 1.0 | 5.5 | 7.8 |
| December | 353.6 | 0.7 | 1.6 | 4.3 | 8.3 |
| Wage index are calculated and published according to law no 89/1989. The wage index is based on average for fixed hours earnings each month, calculated and published in the month following calculation. | |||||