Quarterly wage index in private sector by occupational group from 2005
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Information

Unit
Changes
Latest update
9/22/2017
Reference time
2005-2016
Creation date
3/15/2016
Matrix
VIS04024
Footnotes

Footnotes

Until 2016 the quarterly wage index for the private sector is based on NACE Rev. 1.1.
From 2016 and onwards the quarterly wage index for the private sector is based on NACE Rev. 2.0.
Also, additional economic activities have been added.
The quarterly wage index by occupational group is based on the monthly wage index by occupational group. The quarterly index is published approximately 90 days after the end of the reference quarter.
The wage index in the private sector by occupational group is a price index based on data from the Icelandic Survey on Wages, Earnings and Labour cost. The index reflects changes in regular wages paid for fixed working hours. The index is based on earnings for contractual working hours and includes all wages paid for daytime and fixed overtime hours, including additional payments and bonuses. Irregular payments and employers' social contributions and taxes are excluded.
Occupations are one-digit Ístarf 95 classification of occupations. Ístarf 95 classification is based on the international standard classification of occupations, ISCO-88. Occupational groups are one-digit Ístarf 95 classification of occupations with two exceptions. The occupational group Craft workers is defined as having first-digit 7, 8 or 9 in Ístarf95 and the definition skilled workers. The occupational group General machine and specialized workers is defined as having first-digit 7, 8 or 9 in Ístarf95 and the definition unskilled workers .
Employees in the private sector are all employees that do receive remunerationfrom other employees than municipalities and the central government.The private sector is based on following economic activities: Manufacturing (C), Electricity, gas, steam, and air conditioning supply (D), Water supply; sewerage, waste management and remediation activities (E), Construction (F), Wholesale and retail trade; repair of motor vehicles (G), Transportation and storage (H), Information and communication (J) and Financial and insurance activities (K). In the economic activity J, small enterprises and enterprises in the IT business are missing.
Calculations are based on numbers with full decimals. This can result in discrepancies in published data.
Base average 2005 = 100. From 2016 and onwards the quarterly wage index for the private sector is based on NACE Rev. 2.0. Earlier results are based on NACE Rev. 1.1. and fewer economic activities.
Occupational group
The occupational group Craft workers is defined as having first-digit 7, 8 or 9 in Ístarf95 and the definition skilled workers. The occupational group General machine and specialized workers is defined as having first-digit 7, 8 or 9 in Ístarf95 and the definition unskilled workers .