The wage index 0.4% higher than in the previous month
The wage index in July 2009 is 358.0 points, 0.4% higher than in the previous month. In the last twelve months the monthly wage index has risen by 2.6%.
| 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 | |||||
| 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 |
| February | 355.7 | 0.0 | 5.1 | 3.0 | 6.7 |
| March | 356.1 | 0.1 | 2.9 | 2.2 | 5.5 |
| April | 355.4 | -0.2 | -0.3 | 1.2 | 4.4 |
| May | 356.0 | 0.2 | 0.3 | 2.7 | 4.1 |
| June | 356.7 | 0.2 | 0.7 | 1.8 | 3.0 |
| July | 358.0 | 0.4 | 3.0 | 1.3 | 2.6 |
| 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. | |||||
Real wages increased by 0.2% from the previous month
The real wage index in July 2009 is 106.4 points, 0.2% higher than in the previous month. In the last twelve months the real wage index has decreased by 7.8%.
Collective agreements in July
According to an agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions) signed 25 June 2009, wage increases that were supposed to come into effect 1 March 2009 came partly into effect 1 July 2009. According to the agreement wages increased by 6,750-8,750 ISK 1 July 2009 and further increases will take effect 1 November 2009.