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Wage indices in the private sector by economic activity and month from 2015

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Statistics Iceland
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The indices for sub-groups are calculated and published 80 to 85 days after the
end of the reference month. The total indices are calculated and published about
20 days after the end of the reference month and can be found in the statistical
database under Wage index by months from 1989 and Wage indices by month from 2015.
From 2018 sectors are based on the ESA 2010 classification of National Accounts.
An organization is part of the general government if it is owned by the Central
government or municipalities and its income consists in majority of tax revenue.
Those who work for the general government comprise the public sector. Others
belong to the private sector, including those who work for publicly owned
enterprises the majority of whos income comes for the sale of goods or services.
Until 2017 the public sector consisted of those getting remunerated by the
municipalities or by the Central Government Accounting Office. There are only
small differences between those two definitions.
The wage index and the basic wage index are 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.


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.

Economic activity

Energy and water supply; waste treatment (D_E)

The economic activity of Electricity and water supply (D/E) includes both
Electricity, gas, steam, and air conditioning supply (D) and Water supply;
sewerage, waste management etc. (E).

Information and communication (J)

Until 2017 data only included divisions 58-61, Data on divisions 62-63
Information Technology was missing.
From 2018 the sample in J is not complete and thus brake down has been
terminated temporary.


Annual change, %

Change over last 12 months.

Month: 2022M07 , Index: Basic wage index

On 16 December 2022 incorrect values were published for July 2022.
The numbers were corrected on 13 January 2023.

Month: 2022M08 , Index: Basic wage index

On 16 December 2022 incorrect values were published for August 2022.
The numbers were corrected on 13 January 2023.

Month: 2022M09 , Index: Basic wage index

On 21 December 2022 incorrect values were published for September 2022.
The numbers were corrected on 13 January 2023.