Wage index from 1989
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Statistics Iceland


Wage index is calculated and published according to law no 89/1989. The wage index is a monthly price index and is calculated and published according to the legal act No 89/1989. An aggregated index for the entire labour market has been published monthly since January 1989. According to the legal act the index is intended to reflect, to the extent possible, changes in total wages of all employees paid for fixed hours excluding irregular payments.
The wage index is based on hourly regular earnings each month and is calculated and published about 20 days after the reference month. Regular earnings are the remuneration for regular working hours that is ordinary working hours according to collective agreements, both daytime and shift-work hours.
The wage index is based on sample data, ISWEL. Included are following economic activities according to ÍSAT2008 : 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 and motorcycles (G), Transportation and storage (H), Accommodation and food service activities (I), Information and communication (only big companies in economic divisions 58–61), Financial and insurance activities (K), Professional, scientific and technical activities (M only economic division 71), Public administration and defence; compulsory social security (O), Education (P), Human health and social work activities (Q) and Arts, entertainment and recreation (R). Economic activities O, P, Q and R only include employees in the public sector.
Base December 1998=100.
All calculations are based on full number of digits. Rounding of numbers can lead to inconsistency in published data.
The wage index is based on (weighted) changes, between two consecutive months, of regular hourly wages paid to an employee. Changes in working hours without changes in earnings affects the hourly wages. Collective agreements of The Commercial Federation of Iceland and The Confederation of Icelandic Bank and Finance Employees stipulate reduction in working hours from January 1st 2020 and this affects the wage index in January 2020.