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Wage index from 1989 - by month

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5/24/2024
Index/percent
1989-
Statistics Iceland
LAU04000
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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 end of 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 Statistics Iceland's survey on wages, earnings and labour
costs. Included from 2019 are the 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 and motorcycles (G), Transportation and
storage (H), Accommodation and food service activities (I), Information and
communication (J 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 1988=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 can affects the hourly wages.See:
https://statice.is/publications/news-archive/wages-and-income/monthly-wages-index-in-april-2020-and-related-indices/
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 can affects the hourly wages. See:
https://statice.is/publications/news-archive/wages-and-income/monthly-wages-index-in-january-2021-and-related-indices/
https://statice.is/publications/news-archive/wages-and-income/monthly-wages-index-in-may-2021-and-related-indices/

Unit

Annual change, %

Change over last 12 months.