The wage index in January 2014 is 468.5 points, 1.0% higher than in the previous month. In the last twelve months the monthly wage index has risen by 6.7%.
| Wage Index 2013-2014 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2013 | |||||
| January | 439.2 | 0.3 | 2.2 | 2.6 | 5.0 |
| February | 449.4 | 2.3 | 11.1 | 7.4 | 5.2 |
| March | 455.3 | 1.3 | 17.1 | 8.9 | 5.5 |
| April | 456.4 | 0.2 | 16.6 | 9.2 | 5.8 |
| May | 456.5 | 0.0 | 6.5 | 8.8 | 5.5 |
| June | 457.8 | 0.3 | 2.2 | 9.4 | 5.7 |
| July | 457.5 | -0.1 | 1.0 | 8.5 | 5.5 |
| August | 458.6 | 0.2 | 1.9 | 4.1 | 5.7 |
| September | 462.0 | 0.7 | 3.7 | 3.0 | 5.9 |
| October | 463.1 | 0.2 | 5.0 | 3.0 | 6.0 |
| November | 464.2 | 0.2 | 5.0 | 3.4 | 6.1 |
| December | 463.8 | -0.1 | 1.6 | 2.6 | 6.0 |
| 2014 | |||||
| January | 468.5 | 1.0 | 4.7 | 4.9 | 6.7 |
| Notes: Wage index is calculated and published according to law no 89/1989. The wage index is based on regular hours earnings each month, calculated and published in the month following calculation. | |||||
Real wages increased by 1.7% from the previous month
The real wage index in January 2014 is 115.5 points, 1.7% higher than in the previous month. In the last twelve months the real wage index has increased by 3.4%.
Collective agreements
An agreement between the Confederation of Icelandic Employers and some member unions of the Icelandic Confederation of Labour, signed 21 December 2013, stipulates a general wage raise of 2.8% in January 2014.
Agreements between the Minister of Finance, on behalf of the State Treasury and state workers member unions, signed in May and June 2011, stipulated that a lump sum payment of 38,000 ISK was to be paid at the end of the agreement. This lump sum payment was paid in January 2014 and had 0.1% effect on the wage index on annual basis.