Wage Gap Lessens, Wages Decrease - The Reykjavik Grapevine

Wage Gap Lessens, Wages Decrease

Published March 26, 2010

While the lowest incomes saw a modest rise in wages over the past year, the highest wage group has decreased slightly.
The wage average has increased by 3% in the past year, according to the latest data from Statistics Iceland. Furthermore, the average monthly wage was 334,000 ISK per month.
Economist Ólafur Darri Andrason told RÚV that more exact figures show that while the lowest wages have taken a small rise since the bank collapse, that the highest wage bracket has taken a slight decrease.
Unemployment in Iceland is currently at about 9%, and is expected to hit 10% by June, by the Central Bank’s projections. However, the Directorate of Labor contends the unemployment peak has already passed. Most of those out of work are in the fields of construction and heavy industry.

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