Common use of Wage Changes Clause in Contracts

Wage Changes. Wages will be increased by a proportional percentage, with a minimum increase in króna, unless otherwise stated in the wage tables accompanying this collective agreement. Monthly wages refer to fixed monthly wages for regular daytime work. February 1, 2024: 3.25% or ISK 23,750 January 1, 2025: 3.50% or ISK 23,750 January 1, 2026: 3.50% or ISK 23,750 January 1, 2027: 3.50% or ISK 23,750 Contract related items in the collective agreements will increase as follows, unless otherwise agreed: February 1, 2024: 3.25% January 1, 2025: 3.50% January 1, 2026: 3.50% January 1, 2027: 3.50% If collective agreements remain valid, the wage and assumption committee shall, in March 2025, 2026, and 2027, decide on a special base wage supplement if Statistics Iceland's wage index for the general labor market shows that wages have increased beyond the rise in the lowest base wage rates. The comparison will be made between the proportional rise of that index and the proportional increase of the fourth wage level in the collective agreements of SGS/Efling over the same period. The supplement will be calculated as the full percentage of the excess increase, and all minimum base wage rates in the parties' collective agreements will increase by that percentage as of April 1 each year. a) In March 2025, wage rate increases and the development of the wage index for the period November 2023 to November 2024 will be considered. b) In March 2026, wage rate increases and the development of the wage index for the period November 2024 to November 2025 will be considered. c) In March 2027, wage rate increases and the development of the wage index for the period November 2025 to November 2026 will be considered. If both the productivity bonus and the base wage supplement are due simultaneously according to this collective agreement, the higher of the two will apply to the minimum wage rates in the collective agreements. If productivity increases by more than 2% in 2025 and 2026, employees will receive a share of this value increase in the form of a special productivity bonus, subject to certain conditions. Further details on the productivity bonus and its payment are provided in an appendix to this agreement.