The wage index 0.1% higher than in previous month
The wage index in March 2009 is 356.1 points, 0.1% higher than in previous month. In the last twelve months the monthly wage index has risen by 5.5%.
Real wages increased by 0.7% from previous month
The real wage index in March is 109.2 points, 0.7% higher than in previous month. In the last twelve months the real wage index has decreased by 8.4%.
Collective agreements in March
According to an agreement between the Confederation of Icelandic Employers (SA) and the Icelandic Confederation of Labour (on behalf of its member unions), monthly wages were supposed to increase by a fixed amount of 13,500 ISK from 1 March 2009. Despite a more recent agreement between the signatories, stating a suspension of all wage increases, the wage increase came into effect in some of the enterprises that are members of the SA.
The wage index in March also reflects the effects of a decision of the Senior Civil Servant Salary Board from 23 February 2009. The decision stipulates a decrease in wages of public officials by 5-15% from 1 March 2009. An earlier decision stipulated a wage decrease by 7.5% for members of the Icelandic parliament and 14-15% for cabinet ministers.
| 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 | |||||
| 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 |
| February | 355.7 | 0.0 | 5.1 | 3.0 | 6.7 |
| March | 356.1 | 0.1 | 2.9 | 2.2 | 5.5 |
| 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. | |||||