Iceland Hourly Earnings Index: sa: Private Sector

Iceland Hourly Earnings Index: sa: Private Sector data was reported at 163.618 2015=100 in 2022. This records an increase from the previous number of 151.071 2015=100 for 2021. Iceland Hourly Earnings Index: sa: Private Sector data is updated yearly, averaging 55.633 2015=100 from Dec 1990 (Median) to 2022, with 33 observations. The data reached an all-time high of 163.618 2015=100 in 2022 and a record low of 23.740 2015=100 in 1990. Iceland Hourly Earnings Index: sa: Private Sector data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.MEI: Hours Worked and Labour Compensation: Index: Seasonally Adjusted: OECD Member: Annual. [REC_USE_LIM] Data refer to the a quarterly wage index and shows the changes of regular hourly wages in the private sector by occupational group and economic activity. Regular monthly salaries are the remuneration for regular working hours excluding payments for overtime as well as piecework, irregular bonuses and various other irregular payments. Regular working hours are defined as ordinary working hours according to collective agreements, both daytime and shift-work hours. The purpose if the index is to reflect changes in regular hourly wages. The industrial classification used is ÍSAT95 is the Icelandic equivalent to NACE rev.1 classification and the occupational classification is to ÍSTARF 95, an Icelandic version of ISCO-88. Each economic activity and occupation group is given a weight based on their share in total regular wages. The weights for occupation groups and economic activities are revised yearly. The index is compiled using Fisher ideal index formula at the elementary level and Laspeyres formula at aggregate level.Weights The weight structure of the index is based on administrative registers and The Icelandic survey on wages, earnings and labour costs (ISWEL). The aggregate weights will be estimated annually. Private sector weights 70 percent of the total index and the public sector 30 percent. The weights for occupation groups and economic activities are now based on the year 2005. The weight for manufacturing (D) is 38.8% The Icelandic survey on wages, earnings and labour costs is a sample survey. The sample is a stratified cluster sample, where the sample unit is the local activity unit and the observation unit is the employee. The target population contains all local activity units with no fewer than 10 employees. The population frame is based on monthly PAYE (Pay As You Earn) data. PAYE data reflects the sum of wages reported to the tax authorities.

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