Please note that this release was corrected 2. September 2013 at 9:00
Wages increased by 2.4% from previous quarter
Wages increased by 2.4% on average from previous quarter according to the quarterly wage index in 1st quarter 2013. Wages increased by 5.2% on average from previous year, 5.8% in the private sector and 3.7% in the public sector.
Wages in the private sector by economic activity and occupational group
From the previous quarter, wages increased by 3.1% in the economic activity of Manufacturing. During the same period wages in Construction and in Transport, storage and communication increased by 2.5%. The annual change of wage index ranged from 5.2% in Manufacturing to 7.6% in the economic activity of Financial intermediation.
Wages for Service workers increased by 2.4% from previous quarter, while wages for General Workers increased by 3.2%. Annual change ranged from 4.7% for General Workers to 7.2% for Professionals.
Collective agreements
The collective agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions), signed May 2011, stipulates a general wage rise of 3.25 % in February 2013. The collective agreement between the Minister of Finance, on behalf of the State Treasury, and Federation of General and Special Workers (on behalf of its member unions), signed June 2011, stipulates a general wage rise of 3.25% in March 2013. Agreements between the Association of Local Authorities and Municipal Employees, signed May 2011, stipulates a general increase in wage tables from 1st. March 2013.