The wage index 0.6% lower than in previous month
The wage index in November 2008 is 351.3 points, 0.6% lower than in the previous month. In the last twelve months the monthly wage index has risen by 7.8%.
Real wages declined by 7.7% from previous year
The real wage index in November is 109.9 points, 2.3% lower than in previous month. In the last twelve months the real wage index has decreased by 7.7%.
Collective agreements in November
According to an agreement between the Icelandic Police Union and the Minister of Finance, on behalf of the State Treasury, wages increased by a fixed amount, 20,300 ISK from 1 November 2008. A comparable agreement was made between the Association of Customs Officers and the Minister of Finance.
| 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 | |||||
| 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 |
| 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 |
| 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. | |||||
Talnaefni