Landshagir - 01.11.2011, Page 83

Wages, income and labour market
LANDSHAGIR 2011 STATISTICAL YEARBOOK OF ICELAND 2011
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Wage index
The monthly wage index is calculated and
published according to the legal act on
the wage index No 89/1989 and is a timely
indicator of changes in regular wages. The
quarterly wage index reflects changes in
regular wages in the private sector by occu­
pational group and economic activity, as
well as overall changes in regular wages in
the public sector.
A small increase in the number of
unemployed between 2009 and 2010
The number of persons in the labour force
in 2010 was 180,900, of which 167,300 were
employed and 13,700 unemployed. The
activity rate was 81%, employment rate
was 74.9%, and unemployment rate was
7.6%. There was a small increase in the
number of unemployed between 2009 and
2010, but the number of unemployed has
increased by 8,200 since 2008. The same
goes for the number of employed which
has decreased by 11,300 since 2008 but not
much since 2009. Employment rate has
not been lower and unemployment rate
not higher since 1991. In 2010, the unem­
ployment rate in Reykjavík was 9.5%, in
Reykjavík surrounding area it was 7.5% and
5.5% in other regions.
Long-term unemployment increases
In 2010, there were 2,800 persons, on
average, unemployed for 1–2 months or
20.8% of all unemployed compared with
3,700 (28.3%) in 2009. Long­term unem­
ployed (12 months or longer) were 2,800
(20.3%) in 2010 compared with 900 (6.8%)
in 2009.
Income distribution more equal
than in the previous year
The income distribution in Iceland was
more equal from 2009 to 2010 than in the
previous years according to the Gini­index
and the Income quintile share ratio from
the Survey of income and living conditions
(EU­SILC). The at­risk­of­poverty rate has
remained stable since the first year of the
survey in 2004.
At-risk-of-poverty rate in Iceland
With regard to age and gender in Iceland
the ratio below the poverty threshold in
2010 is highest for women 18 to 24 years
old, 19.0%. The rate below the threshold
was lowest for people 50 to 64 years old
and 65 years and older.
A relatively high proportion of single
people, with or without children are below
the poverty threshold compared with other
household types. The same can be said
about those who rent their apartments
compared with home owners.