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.

Statistics