Statistics Iceland
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Wage indices by month from 2015

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4/22/2024
Index/percent
2015-
Statistics Iceland
LAU04001
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The basic 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 2018=100. All calculations are based on full number of digits. Rounding of numbers can lead
to inconsistency in published data.

Index

Wage index

The wage index is based on hourly regular earning each month. Regular earnings
are the renumeration for regular working hours, that is ordinary working hours
according to collective agreements, both datyime and shift work hours.

Basic wage index

The basic wage index is based on hourly basic earnings each month. Basic earnings are
the remuneration for regular daytime working hours without any supplements. In some
cases employees have fixed-wage contracts and in those instances all earnings are
part of basic earnings as the pay-roll systems do not record overtime hours.
Fixed-wage contracts can be found in all occupational groups, but they are especially
common among managers and specialists.

Unit

Annual change, %

Change over last 12 months.

Month: 2022M10 , Index: Wage index , Unit: Value of index

Note that on December 16 2022 an incorrect value was published for the wage index
in this table for October 2022. The value was corrected on December 21 2022.