Guaranteed pay rights for wages development. During the years 2020-2022, an annual pay rate bonus is paid on the basis of development of wages, given that certain conditions are fulfilled. The wages and criteria committee shall analyse reasons for payment of a pay rate bonus on the basis of development of wages. The committee shall compare the development of wages according to the Statistics Iceland wage index for the general labour market (adjusted with a method pursuant to a proposal from Xx Xxx Xxxxxxxx which is described in his report dated 5 November 2018) with proportional change to the highest active SGS pay rate (Wage category 17 after 5 yrs.) The reference period for the comparison is the month of December each year during the term of the agreement in the first instance December 2019 - December 2020. The conclusion shall be established in March each year. If the conclusion is that the above specified wage index has increased more than the reference pay rate during the reference period, the committee shall rule on a specific ISK amount by which all pay rates in the collective agreement will be increased. This ISK amount is calculated as a proportion of the excess increase of the above specified pay rate. The pay rate bonus is added to the pay rate from 1 May.
