Common use of Wage Structure Clause in Contracts

Wage Structure. 1.2.1. Wage increases Pay scales Previous pay scales will be replaced by new ones which are part of this agreement, see attachment. The pay scales enter into effect on 1 May 2015, 1 May 2016, 1 May 2017 and 1 May 2018. Starting wages apply to workers aged 20. Changes to wages 1 May 2015 Pay adjustment guarantees for workers who began working prior to 1 February 2014 The base wage increase on the entry into effect of this agreement is 7.2% for workers receiving a wage of ISK 300,000 or less and who began working for the employer before 1 February 2014. The base wage increase for workers receiving wages in excess of ISK 300,000 decreases proportionately in even stages from ISK 300,000 down to 3.2% for workers who earn ISK 750,000. Pay adjustment guarantees, therefore, are in accordance with the attachment which is an integral part of this agreement. Any other wage increases granted to the employee after 2 February 2014 are to be deducted from the base increase amount. Increases in wages and wage-related items according to this provision can never be less than 3.2%. Pay adjustments for workers who began working during the period between 1 February 2014 and 31 December 2014 In the case of workers who began work in the period from 1 February 2014 to the end of December 2014, their wages and wage related items increase by 3.2% as of the entry into effect of this agreement. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 7.2% unless otherwise negotiated. Wage changes 1 May 2016 Pay adjustment guarantees for workers who began working prior to 1 May 2015 The base increase of wages on 1 May 2016 is 5.5% for an employee who has been employed by the same employer since 1 May 2015, a minimum of ISK 15,000 on top of monthly wages for daytime work. Any other wage increases granted to the employee during the period between 2 May 2015 to and including 30 April 2016 are to be deducted from the base increase amount. Pay adjustments for workers who began working during the period between 1 May 2015 and 31 December 2015 In the case of workers who began work in the period from 1 May 2015 to the end of December 2015, their wages and wage-related items increase by 3.2% as of 1 May 2016. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 5.5% unless otherwise negotiated. Wage changes 1 May 2017 Wages and wage-related items will increase by 3.0% on 1 May 2017. The pay scales of this collective wage agreement will increase by 4.5% as of the same date, as provided for in the attachment. Wage changes 1 May 2018 Wages and wage-related items will increase by 2.0% on 1 May 2018. The pay scales of this collective wage agreement will increase by 3.0% as of the same date, as provided for in the attachment.

Wage Structure. 1.2.1. Wage increases Pay scales Previous pay scales will be replaced by new ones which are part of this agreement, ; see attachment. The pay scales enter into effect on 1 May 2015, 1 May January 2016, 1 May 2017 and 1 May 2018. Starting wages apply to workers aged 20. Changes to wages 1 May 2015 Pay adjustment guarantees for workers who began working prior to 1 February 2014 The base wage increase on the entry into effect of this agreement is 7.2% for workers receiving a wage of ISK 300,000 or less and who began working for the employer before 1 February 2014. The base wage increase for workers receiving wages in excess of ISK 300,000 decreased proportionately in that it decreases proportionately in even stages from ISK 300,000 down to 3.2% for workers who earn ISK 750,000. Pay adjustment guarantees, therefore, are in accordance with the attachment attachment, which is an integral part of this agreementAgreement. Any other wage increases granted to the employee after 2 February 2014 are to be deducted from the base increase amount. Increases in wages and wage-related items according to this provision can never be less than 3.2%. Pay adjustments for workers who began working during the period between 1 February 2014 and 31 December 2014 In the case of workers who began work in the period from 1 February 2014 to the end of December 2014, their wages and wage wage-related items increase by 3.2% as of the entry into effect of this agreement. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 7.2% unless otherwise negotiated. Wage changes 1 May 2016 Pay adjustment guarantees for workers who began working prior to January 20162 1 May 2015 The base increase of wages on 1 May 2016 is 5.5January 2016: A 6.2% for an employee who has been employed by the same employer since 1 May 2015general wage increase, a minimum of ISK 15,000 on top of monthly wages for daytime work, including the increase of wage-related items other than December and holiday bonuses, cf. Any other wage increases granted to however the employee during the period between 2 May 2015 to and including 30 April 2016 are to be deducted attached protocol. The employer may, however, deduct from the base wage increase amount. Pay adjustments pursuant to Paragraph 1 any undeclared general wage increase for workers who began working during the period employees that was implemented between 1 May 2015 and 31 December 2015 In 21 January 2016, provided that the case employer provided the majority of workers who began work in the period from 1 May 2015 to the end of December 2015, their wages and wage-related items increase by 3.2% as of 1 May 2016employees with such a wage increase. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 5.5% unless otherwise negotiated. Wage changes 1 May 2017 Wages and wage-related items will increase by 3.0% on 1 May 2017. The pay scales of this collective wage agreement will increase by 4.5% as of the same date, as provided for in the attachment. Wage changes 1 May 2018 Wages and wage-related items will increase by 2.0% on 1 May 2018. The pay scales of this collective wage agreement will increase by 3.0% as of the same date, as provided for in the attachment.However,

Wage Structure. 1.2.1. Wage increases Pay scales Previous pay scales will be replaced by new ones which are part of this agreement, ; see attachment. The pay scales enter into effect on 1 May 2015, 1 May January 2016, 1 May 2017 and 1 May 2018. Starting wages apply to workers aged 20. Changes to wages 1 May 2015 Pay adjustment guarantees for workers who began working prior to 1 February 2014 The base wage increase on the entry into effect of this agreement is 7.2% for workers receiving a wage of ISK 300,000 or less and who began working for the employer before 1 February 2014. The base wage increase for workers receiving wages in excess of ISK 300,000 decreased proportionately in that it decreases proportionately in even stages from ISK 300,000 down to 3.2% for workers who earn ISK 750,000. Pay adjustment guarantees, therefore, are in accordance with the attachment attachment, which is an integral part of this agreementAgreement. Any other wage increases granted to the employee after 2 February 2014 are to be deducted from the base increase amount. Increases in wages and wage-related items according to this provision can never be less than 3.2%. Pay adjustments for workers who began working during the period between 1 February 2014 and 31 December 2014 In the case of workers who began work in the period from 1 February 2014 to the end of December 2014, their wages and wage wage-related items increase by 3.2% as of the entry into effect of this agreement. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 7.2% unless otherwise negotiated. Wage changes 1 May 2016 Pay adjustment guarantees for workers who began working prior to 1 May 2015 The base increase of wages on 1 May 2016 is 5.5% for an employee who has been employed by the same employer since 1 May 2015, a minimum of ISK 15,000 on top of monthly wages for daytime work. Any other wage increases granted to the employee during the period between 2 May 2015 to and including 30 April 2016 are to be deducted from the base increase amount. Pay adjustments for workers who began working during the period between 1 May 2015 and 31 December 2015 In the case of workers who began work in the period from 1 May 2015 to the end of December 2015, their wages and wage-related items increase by 3.2% as of 1 May 2016. Pay comparison When comparing wages, the benchmark shall be the fixed weekly or monthly wage in addition to fixed allowances or extra pay of any kind whatsoever, including fixed overtime. Productivity-related pay structures Pay adjustment guarantees do not apply to wage earners who work according to productivity-related pay structures where performance-based wages comprise the major part of the wages. Special increase in pay scales in the collective wage agreement Pay scales in the collective wage agreement increase especially, as provided for in the attachment. Wage-related items in the collective wage agreement increase by 5.5% unless otherwise negotiated. Wage changes 1 May 2017 Wages and wage-related items will increase by 3.0% on 1 May 2017. The pay scales of this collective wage agreement will increase by 4.5% as of the same date, as provided for in the attachment. Wage changes 1 May 2018 Wages and wage-related items will increase by 2.0% on 1 May 2018. The pay scales of this collective wage agreement will increase by 3.0% as of the same date, as provided for in the attachment.January 20162