Wage increases – overview

1 may 2018

VR and SA

Wages and wage-related items increase on 1 May 2018 by 3%.

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) should be 300.000 from 1 may 2018. In this connection, wages mean any payments, including any type of bonus payments or allowances and extra pay, that accrue within the period of the above working hours.

VR and FA

Wages and wage-related items increase on 1 May 2018 by 3%.

All minimum rates increase by 3%.

1 May 2017

VR and SA

Wages and wage-related items increase on 1 May 2017 by 4.5%.

All minimum wage rates increase by 4.5% but the starting wages additionally by ISK 1,700 per month.

Minimum income for full time work, 171.15 hours per month /39.5 hours per week) for 18-year-olds and older after 6 months with the same company (although 900 hours minimum) must be kr. 280,000 from 1 May 2017.

VR and FA

Wages and wage-related items increase on 1 May 2017 by 4.5%. 
All minimum rates increase by 4.5%. 

1 January 2016

A general wage increase of 6.2%, minimum increase of ISK 15,000 on monthly wages for daytime work, including an increase in other wage-related items other than the December and holiday bonus.