News - 03.03.2022

Economic growth wage increase takes effect

In VR‘s current wage agreement from 2019 wage increases were in the form of ISK (krónur) instead of percentage increases. In addition, for the first time in our wage agreements, an annex was agreed upon which would take into account the state of the economy. So employees would receive a fixed ISK (krónur) amount as a wage increase and additionally a so-called economic growth wage increase, if economic growth per capita was above certain limits. For the economic growth wage increase to take effect, economic growth per capita must exceed 1%. For the year 2021, economic growth per capita rose by 2.53% between years. Based on this increase, pay scales will increase by ISK 10,500. and other monthly wages increase by ISK 7,875.

The increase in economic growth wage increase will be paid on 1. May 2022.