Iceland’s wage index for the month of July stood at 350.0 points, according to Statistics Iceland, which is 0.4 percent higher than in June and 2.6 percent up on twelve months ago.
This equates to a real wage increase of 0.2 percent on June but a 7.8 percent decrease over twelve months.
“According to an agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions) signed 25 June 2009, wage increases that were supposed to come into effect 1 March 2009 came partly into effect 1 July 2009. According to the agreement wages increased by 6,750-8,750 ISK 1 July 2009 and further increases will take effect 1 November 2009,” Statistics Iceland explained in a statement.
I hope ISK won’t follow countries which had big trouble when their currency became worthless. e.g. Turkey !?
Be careful….