Wages

Minimum income for full-time work

Minimum income for a full-time position, i.e. 171.15 hours worked per month (39.5 hours per week), are to be as follows for an employee who has reached the age of 18 and has worked for at least six months in the same company (a minimum of, however, 900 hours):

  • 1 May 2015 ISK 245,000 per month
  • 1 January 2016 ISK 260,000 per month
  • 1 May 2017 ISK 280,000 per month
  • 1 May 2018 ISK 300,000 per month

Wages for after-hours work, overtime work and work on major public holidays

After-hours and overtime wages: shop workers

After-hours and overtime wages: office workers

Major public holidays

Rules on wage payments

What are wages?

Wage agreements between employer and employee shall reflect the employee’s work contribution, competence, educational qualifications and skills, and also the nature of the job and the responsibility it involves