Statistics Iceland
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Wage indices, annual averages from 2015

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1/22/2026
Index/percent
2015-
Statistics Iceland
LAU04021
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The annual averages of the wage indices are the averages of the monthly wage
indices over each calendar year. The averages are published about 20 days after the
end of the reference year. 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. 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.