The wage index 0.6% higher than in previous month
The wage index in January 2009 is 355.7 points, 0.6% higher than in the previous month. In the last twelve months the monthly wage index has risen by 7.5%.
Real wages declined by 9.4% from previous year
The real wage index in January is 109.0 points, unchanged from the previous month. In the last twelve months the real wage index has decreased by 9.4%.
Collective agreements in December
According to an agreement between the Association of Local Authorities and the Association of Teachers in Primary and Lower Secondary Schools, wages increased by 2.5% from 1 January 2009.
The wage index in January also reflects the effects of a collective agreements made between signatories at the local government level in December 2008 and an agreement between the Confederation of Icelandic Employers and the Confederation of Icelandic Bank and Finance Employees which was signed 5 December 2008.
| Wage Index 2008-2009 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 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 |
| Average | 345.0 | . | . | . | 8.1 |
| 2009 | |||||
| January | 355.7 | 0.6 | 2.7 | 4.0 | 7.5 |
| 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. | |||||