The wage index in September 2008 is 352.2 points, 0.5% higher than in the previous month.

The wage index in September reflects the effect of a newly concluded collective agreement between the Icelandic Midwives Association and the Minister of Finance, on behalf of the State Treasury. The agreement stipulates, i.a. an average increase in wages by 22.6% from 1 August 2008.

The wage index in August also reflects the effects of a decision of Senior Civil Servant Salary Board no. 2008.001, from 27 August 2008. The decision stipulates an increase in basic wages by a fixed amount, 20,300 ISK from 1 May 2008. According to the decision a unit price for fixed over time work increased by 10.8%. The decision came into full effect in September 2008.

According to an agreement between the Lawyers union and Minister of Finance, on behalf of the State Treasury, a monthly 6.7 million ISK contribution to organisational agreements was agreed on. The agreement came into effect in September 2008 and is reflected in the wage index.

The wage index also reflects effects of a statement by the Minister of Education, which was made in relation to a collective agreement between the Icelandic Teachers´ Union and the Minister of Finance, on behalf of the State Treasury on 16 June 2008. According to the statement, a total wage contribution to Upper Secondary Schools increased by 4%.

In the last twelve months the monthly wage index has risen by 9.0%.