Wages Not Keeping Up With Inflation - The Reykjavik Grapevine

Wages Not Keeping Up With Inflation

Published March 8, 2013

Inflation in the country is resulting in a constant increase in the cost of all consumer goods, but wage increases of workers in the public sector are not keeping up with the reality of the situation.
According to figures released from Statistics Iceland the average wage increase in 2012 was 4.8%, this accounts for a 5.1% average wage increase in the private sector and 4.0% for public sector workers. However, as RÚV reports, inflation amounted to 4.2% last year, leaving public sector workers lagging behind financially.
Skilled workers saw a wage increase of 4.3% in 2012, keeping them just ahead of the fray, while those working in financial services experienced the greatest wage increase, at 9%.

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