Wages in Iceland increased to 909000 ISK/Month in 2024 from 867000 ISK/Month in 2023. This dataset provides - Iceland Wage Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Between 2014 and 2022 in Iceland, men earned more than women. Whereas the average wage in the country has increased steadily over the past six years for both genders, men earn over 120,000 Icelandic Krona (ISK) more than women. The average earnings of Icelandic men was 932,000 Icelandic Krona in 2022 compared to 625,000 in 2014. For women, the mean income was 808,000 Icelandic Krona in 2022 and 492,000 in 2014.

Between 2014 and 2022 in Iceland, there was a steady increase in average monthly earnings. While the mean income was 563,000 Icelandic Krona in 2014, it rose to 871,000 Krona in 2022, showing an increase of 54 percent over these nine years.

Key information about Iceland Household Income per Capita

• Iceland Annual Household Income per Capita reached 61,901.130 USD in Dec 2022, compared with the previous value of 60,523.130 USD in Dec 2021.
• Iceland Annual Household Income per Capita data is updated yearly, available from Dec 1990 to Dec 2022, with an averaged value of 36,152.955 USD.
• The data reached an all-time high of 71,650.752 USD in Dec 2007 and a record low of 18,156.928 USD in Dec 1994.
• In the latest reports, Retail Sales of Iceland grew 9.708 % YoY in Apr 2023.

Wages in Iceland increased 4.30 percent in May of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Iceland Real Wage Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In Iceland, there is a significant income gap between men and women. Even though the average income of both sexes increased steadily from 2008 to 2021, men have consistently earned around 500 Icelandic Krona more than women every hour. Whereas Icelandic men earned over 4,100 Krona per hour in 2021 compared to 2,110 in 2008, the numbers were respectively close to 3,700 and 1,680 for women, showing that the income gap in Iceland was almost just as high in 2021 as it was 13 years earlier.

Among all occupational groups in Iceland, men have higher average wages than women. Managers was the occupational group with the highest average earnings in 2022, with men earning around 1.3 million Icelandic krona per month, compared to women's 1.1 million. Elementary occupations was the group with the lowest average earnings, with men and women earning 480,000 and 480,000 Icelandic krona per month, respectively. There is a significant income gap between the genders in Iceland.

Iceland IS: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data was reported at 84.263 % in 2017. This records an increase from the previous number of 84.034 % for 2016. Iceland IS: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data is updated yearly, averaging 79.717 % from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 84.263 % in 2017 and a record low of 73.207 % in 1991. Iceland IS: Wage And Salary Workers: Modeled ILO Estimate: Male: % of Male Employment data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Iceland – Table IS.World Bank: Employment and Unemployment. Wage and salaried workers (employees) are those workers who hold the type of jobs defined as 'paid employment jobs,' where the incumbents hold explicit (written or oral) or implicit employment contracts that give them a basic remuneration that is not directly dependent upon the revenue of the unit for which they work.; ; International Labour Organization, ILOSTAT database. Data retrieved in November 2017.; Weighted average; Data up to 2016 are estimates while data from 2017 are projections.

In Iceland, people working in the financial and insurance industry had the highest average wages in 2022, earning more than one million Icelandic krona per month. The electricity, gas, steam and air conditioning industry had the second highest average wages. With short of 530,000 Icelandic krona per month, the accommodation and food industry had the lowest average wages in Iceland in 2022.

The income level in Iceland generally correlates with educational levels across the country; the higher the educational level, the higher the average income. In 2020, people with a doctoral degree or an equivalent education had the highest average income in Iceland, earning 13.8 million Icelandic Krona on average. In contrast, people with a basic educational only earned 5.2 million Icelandic Krona on average in 2020.

A dataset that explores Green Card sponsorship trends, salary data, and employer insights for iceland in the U.S.

Iceland IS: Law Mandates Equal Remuneration for Females & Males for Work of Equal Value: 1=Yes; 0=No data was reported at 1.000 NA in 2017. This stayed constant from the previous number of 1.000 NA for 2015. Iceland IS: Law Mandates Equal Remuneration for Females & Males for Work of Equal Value: 1=Yes; 0=No data is updated yearly, averaging 1.000 NA from Dec 2013 (Median) to 2017, with 3 observations. The data reached an all-time high of 1.000 NA in 2017 and a record low of 1.000 NA in 2017. Iceland IS: Law Mandates Equal Remuneration for Females & Males for Work of Equal Value: 1=Yes; 0=No data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Iceland – Table IS.World Bank: Policy and Institutions. Law mandates equal remuneration for females and males for work of equal value is whether there is a law that obligates employers to pay equal remuneration to male and female employees who do work of equal value.“Remuneration” refers to the ordinary, basic or minimum wage or salary and any additional emoluments payable directly or indirectly, whether in cash or in kind, by the employer to the worker and arising out of the worker’s employment. “Work of equal value” refers not only to the same or similar jobs but also to different jobs of the same value.; ; World Bank: Women, Business and the Law.; ;

The Personal Income Tax Rate in Iceland stands at 46.28 percent. This dataset provides - Iceland Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Although Iceland was the first country in the world to enforce equal pay for men and women, and despite Iceland being one of the top places in the world to work for women, a gender pay gap still existed in 2022. That year, the gender pay gap favoring the men was the highest among directors and chief executives. On the other hand, female senior government officials received almost the same monthly salary as their male counterparts.

The median hourly earnings for full-time employees in the United Kingdom was 18.72 British pounds in 2024, compared with 17.48 pounds in the previous year. At the start of this provided time period, in 1997, the average hourly wage in the UK was 7.92 pounds per hour, rising to more than ten pounds per hour by 2003, and above 15 pounds per hour by 2020. Minimum and living wage in the UK In the United Kingdom, employers are expected to pay their employees a minimum wage that is determined by how old they are. Under 18s for example, had a minimum wage of 5.28 British pounds in 2023, with the figure increasing to 7.49 pounds those aged 18 to 20, 10.18 for 21 to 22 year old's, and 10.42 for those aged 23 and over. There is also a voluntarily paid living Wage that employers can choose to pay their workers. For the 2023/24 financial year this was twelve pounds an hour, rising to 13.15 pounds an hour for workers based in London. Icelandic the highest earners in Europe Iceland had the highest average annual wage in the Europe in 2022 at around 79,500 U.S dollars. This was followed by Luxembourg at 78,300 dollars, Switzerland at 72,990 and Belgium at 64,850 dollars. The United Kingdom’s average annual wage amounted to around 53,985 U.S dollars in the same year. In this year, the country with the lowest annual salary in Europe was Greece, at 25,980 pounds per year.

The national minimum wage per month in Spain increased steadily over the last years. The minimum monthly wage grew by about 89 percent from 2008 to 2024, with salaries increasing from 600 euros a month to 1,134 euros a month in 2023. In 2019, the Socialist government of Spain passed a decree by which the national minimum wage would be given a boost of 164 euros, therefore making it stand at 900 euros per month as of that year, the largest increase to date.

Salaries in Spain

Along with the monthly wage, the national minimum daily wage also grew consistently over the past years, with the gross minimum standing at 37.8 euros a day in 2024 relative to 20 euros a day in 2008. Annual wages in Spain have however not followed this trend and fluctuated greatly during the same period. The highest average wage registered in Spain took place in 2009, year in which the mean salary amounted to over 30,000 euros a year after a period of ongoing growth. Spanish salaries however initiated a downtrend that prompted the average worker to earn approximately 29,113 thousand euros a year in 2022.

Salaries in Europe

Iceland ranked as the European country that featured the highest salaries in 2022, with an average wage of approximately 79,473 euros a year. Luxembourg and Switzerland followed second and third, with average salaries of 78,000 and 73,000 a year, respectively. In terms of growth, Portugal ranked as the country that saw the lowest decrease in salaries in 2022 compared to the previous year, with a development of -0.2 percent more relative to 2021, during that year, no European country registered an increase in real wages.

The number of employed people in Iceland stood at approximately 227 thousand people in 2024. Between 1980 and 2024, the number rose by around 121 thousand people, though the increase followed an uneven trajectory rather than a consistent upward trend. From 2024 to 2026, the number will increase by about four thousand people.The indicator describes the number of employed people. This refers to persons who during a pre-defined period, either: a) performed wage or salary work, b) held a formal attachment to their job (even if not currently working), (c) performed for-profit work for personal or family gain , (d) were with an enterprise although temporarily not at work for any specific reason.

Abstract

In 2011, the EU-SILC instrument covered all EU Member States plus Iceland, Turkey, Norway, Switzerland and Croatia. EU-SILC has become the EU reference source for comparative statistics on income distribution and social exclusion at European level, particularly in the context of the "Program of Community action to encourage cooperation between Member States to combat social exclusion" and for producing structural indicators on social cohesion for the annual spring report to the European Council. The first priority is to be given to the delivery of comparable, timely and high quality cross-sectional data.

There are two types of datasets: 1) Cross-sectional data pertaining to fixed time periods, with variables on income, poverty, social exclusion and living conditions. 2) Longitudinal data pertaining to individual-level changes over time, observed periodically - usually over four years.

Social exclusion and housing-condition information is collected at household level. Income at a detailed component level is collected at personal level, with some components included in the "Household" section. Labor, education and health observations only apply to persons aged 16 and over. EU-SILC was established to provide data on structural indicators of social cohesion (at-risk-of-poverty rate, S80/S20 and gender pay gap) and to provide relevant data for the two 'open methods of coordination' in the field of social inclusion and pensions in Europe.

The 5th version 2011 Cross-Sectional User Database as released in July 2015 is documented here.

Geographic coverage

The survey covers following countries: Austria; Belgium; Bulgaria; Croatia; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Greece; Spain; Ireland; Italy; Latvia; Lithuania; Luxembourg; Hungary; Malta; Netherlands; Poland; Portugal; Romania; Slovenia; Slovakia; Sweden; United Kingdom; Iceland; Norway; Turkey; Switzerland

Small parts of the national territory amounting to no more than 2% of the national population and the national territories listed below may be excluded from EU-SILC: France - French Overseas Departments and territories; Netherlands - The West Frisian Islands with the exception of Texel; Ireland - All offshore islands with the exception of Achill, Bull, Cruit, Gorumna, Inishnee, Lettermore, Lettermullan and Valentia; United Kingdom - Scotland north of the Caledonian Canal, the Scilly Islands.

Analysis unit

• Households;
• Individuals 16 years and older.

Universe

The survey covered all household members over 16 years old. Persons living in collective households and in institutions are generally excluded from the target population.

Kind of data

Sample survey data [ssd]

Sampling procedure

On the basis of various statistical and practical considerations and the precision requirements for the most critical variables, the minimum effective sample sizes to be achieved were defined. Sample size for the longitudinal component refers, for any pair of consecutive years, to the number of households successfully interviewed in the first year in which all or at least a majority of the household members aged 16 or over are successfully interviewed in both the years.

For the cross-sectional component, the plans are to achieve the minimum effective sample size of around 131.000 households in the EU as a whole (137.000 including Iceland and Norway). The allocation of the EU sample among countries represents a compromise between two objectives: the production of results at the level of individual countries, and production for the EU as a whole. Requirements for the longitudinal data will be less important. For this component, an effective sample size of around 98.000 households (103.000 including Iceland and Norway) is planned.

Member States using registers for income and other data may use a sample of persons (selected respondents) rather than a sample of complete households in the interview survey. The minimum effective sample size in terms of the number of persons aged 16 or over to be interviewed in detail is in this case taken as 75 % of the figures shown in columns 3 and 4 of the table I, for the cross-sectional and longitudinal components respectively.

The reference is to the effective sample size, which is the size required if the survey were based on simple random sampling (design effect in relation to the 'risk of poverty rate' variable = 1.0). The actual sample sizes will have to be larger to the extent that the design effects exceed 1.0 and to compensate for all kinds of non-response. Furthermore, the sample size refers to the number of valid households which are households for which, and for all members of which, all or nearly all the required information has been obtained. For countries with a sample of persons design, information on income and other data shall be collected for the household of each selected respondent and for all its members.

At the beginning, a cross-sectional representative sample of households is selected. It is divided into say 4 sub-samples, each by itself representative of the whole population and similar in structure to the whole sample. One sub-sample is purely cross-sectional and is not followed up after the first round. Respondents in the second sub-sample are requested to participate in the panel for 2 years, in the third sub-sample for 3 years, and in the fourth for 4 years. From year 2 onwards, one new panel is introduced each year, with request for participation for 4 years. In any one year, the sample consists of 4 sub-samples, which together constitute the cross-sectional sample. In year 1 they are all new samples; in all subsequent years, only one is new sample. In year 2, three are panels in the second year; in year 3, one is a panel in the second year and two in the third year; in subsequent years, one is a panel for the second year, one for the third year, and one for the fourth (final) year.

According to the Commission Regulation on sampling and tracing rules, the selection of the sample will be drawn according to the following requirements:

1. For all components of EU-SILC (whether survey or register based), the crosssectional and longitudinal (initial sample) data shall be based on a nationally representative probability sample of the population residing in private households within the country, irrespective of language, nationality or legal residence status. All private households and all persons aged 16 and over within the household are eligible for the operation.
2. Representative probability samples shall be achieved both for households, which form the basic units of sampling, data collection and data analysis, and for individual persons in the target population.
3. The sampling frame and methods of sample selection shall ensure that every individual and household in the target population is assigned a known and non-zero probability of selection.
4. By way of exception, paragraphs 1 to 3 shall apply in Germany exclusively to the part of the sample based on probability sampling according to Article 8 of the Regulation of the European Parliament and of the Council (EC) No 1177/2003 concerning

Community Statistics on Income and Living Conditions. Article 8 of the EU-SILC Regulation of the European Parliament and of the Council mentions: 1. The cross-sectional and longitudinal data shall be based on nationally representative probability samples. 2. By way of exception to paragraph 1, Germany shall supply cross-sectional data based on a nationally representative probability sample for the first time for the year 2008. For the year 2005, Germany shall supply data for one fourth based on probability sampling and for three fourths based on quota samples, the latter to be progressively replaced by random selection so as to achieve fully representative probability sampling by 2008. For the longitudinal component, Germany shall supply for the year 2006 one third of longitudinal data (data for year 2005 and 2006) based on probability sampling and two thirds based on quota samples. For the year 2007, half of the longitudinal data relating to years 2005, 2006 and 2007 shall be based on probability sampling and half on quota sample. After 2007 all of the longitudinal data shall be based on probability sampling.

Detailed information about sampling is available in Quality Reports in Related Materials.

Mode of data collection

Mixed

Abstract

In 2013, the EU-SILC instrument covered all EU Member States plus Iceland, Turkey, Norway, Switzerland and Croatia. EU-SILC has become the EU reference source for comparative statistics on income distribution and social exclusion at European level, particularly in the context of the "Program of Community action to encourage cooperation between Member States to combat social exclusion" and for producing structural indicators on social cohesion for the annual spring report to the European Council. The first priority is to be given to the delivery of comparable, timely and high quality cross-sectional data.

There are two types of datasets: 1) Cross-sectional data pertaining to fixed time periods, with variables on income, poverty, social exclusion and living conditions. 2) Longitudinal data pertaining to individual-level changes over time, observed periodically - usually over four years.

Social exclusion and housing-condition information is collected at household level. Income at a detailed component level is collected at personal level, with some components included in the "Household" section. Labor, education and health observations only apply to persons aged 16 and over. EU-SILC was established to provide data on structural indicators of social cohesion (at-risk-of-poverty rate, S80/S20 and gender pay gap) and to provide relevant data for the two 'open methods of coordination' in the field of social inclusion and pensions in Europe.

This is the 1st version of the 2013 Cross-Sectional User Database as released in July 2015.

Geographic coverage

The survey covers following countries: Austria; Belgium; Bulgaria; Croatia; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Greece; Spain; Ireland; Italy; Latvia; Lithuania; Luxembourg; Hungary; Malta; Netherlands; Poland; Portugal; Romania; Slovenia; Slovakia; Serbia; Sweden; United Kingdom; Iceland; Norway; Turkey; Switzerland

Small parts of the national territory amounting to no more than 2% of the national population and the national territories listed below may be excluded from EU-SILC: France - French Overseas Departments and territories; Netherlands - The West Frisian Islands with the exception of Texel; Ireland - All offshore islands with the exception of Achill, Bull, Cruit, Gorumna, Inishnee, Lettermore, Lettermullan and Valentia; United Kingdom - Scotland north of the Caledonian Canal, the Scilly Islands.

Analysis unit

• Households;
• Individuals 16 years and older.

Universe

The survey covered all household members over 16 years old. Persons living in collective households and in institutions are generally excluded from the target population.

Kind of data

Sample survey data [ssd]

Sampling procedure

On the basis of various statistical and practical considerations and the precision requirements for the most critical variables, the minimum effective sample sizes to be achieved were defined. Sample size for the longitudinal component refers, for any pair of consecutive years, to the number of households successfully interviewed in the first year in which all or at least a majority of the household members aged 16 or over are successfully interviewed in both the years.

For the cross-sectional component, the plans are to achieve the minimum effective sample size of around 131.000 households in the EU as a whole (137.000 including Iceland and Norway). The allocation of the EU sample among countries represents a compromise between two objectives: the production of results at the level of individual countries, and production for the EU as a whole. Requirements for the longitudinal data will be less important. For this component, an effective sample size of around 98.000 households (103.000 including Iceland and Norway) is planned.

Member States using registers for income and other data may use a sample of persons (selected respondents) rather than a sample of complete households in the interview survey. The minimum effective sample size in terms of the number of persons aged 16 or over to be interviewed in detail is in this case taken as 75 % of the figures shown in columns 3 and 4 of the table I, for the cross-sectional and longitudinal components respectively.

The reference is to the effective sample size, which is the size required if the survey were based on simple random sampling (design effect in relation to the 'risk of poverty rate' variable = 1.0). The actual sample sizes will have to be larger to the extent that the design effects exceed 1.0 and to compensate for all kinds of non-response. Furthermore, the sample size refers to the number of valid households which are households for which, and for all members of which, all or nearly all the required information has been obtained. For countries with a sample of persons design, information on income and other data shall be collected for the household of each selected respondent and for all its members.

At the beginning, a cross-sectional representative sample of households is selected. It is divided into say 4 sub-samples, each by itself representative of the whole population and similar in structure to the whole sample. One sub-sample is purely cross-sectional and is not followed up after the first round. Respondents in the second sub-sample are requested to participate in the panel for 2 years, in the third sub-sample for 3 years, and in the fourth for 4 years. From year 2 onwards, one new panel is introduced each year, with request for participation for 4 years. In any one year, the sample consists of 4 sub-samples, which together constitute the cross-sectional sample. In year 1 they are all new samples; in all subsequent years, only one is new sample. In year 2, three are panels in the second year; in year 3, one is a panel in the second year and two in the third year; in subsequent years, one is a panel for the second year, one for the third year, and one for the fourth (final) year.

According to the Commission Regulation on sampling and tracing rules, the selection of the sample will be drawn according to the following requirements:

1. For all components of EU-SILC (whether survey or register based), the crosssectional and longitudinal (initial sample) data shall be based on a nationally representative probability sample of the population residing in private households within the country, irrespective of language, nationality or legal residence status. All private households and all persons aged 16 and over within the household are eligible for the operation.
2. Representative probability samples shall be achieved both for households, which form the basic units of sampling, data collection and data analysis, and for individual persons in the target population.
3. The sampling frame and methods of sample selection shall ensure that every individual and household in the target population is assigned a known and non-zero probability of selection.
4. By way of exception, paragraphs 1 to 3 shall apply in Germany exclusively to the part of the sample based on probability sampling according to Article 8 of the Regulation of the European Parliament and of the Council (EC) No 1177/2003 concerning

Community Statistics on Income and Living Conditions. Article 8 of the EU-SILC Regulation of the European Parliament and of the Council mentions: 1. The cross-sectional and longitudinal data shall be based on nationally representative probability samples. 2. By way of exception to paragraph 1, Germany shall supply cross-sectional data based on a nationally representative probability sample for the first time for the year 2008. For the year 2005, Germany shall supply data for one fourth based on probability sampling and for three fourths based on quota samples, the latter to be progressively replaced by random selection so as to achieve fully representative probability sampling by 2008. For the longitudinal component, Germany shall supply for the year 2006 one third of longitudinal data (data for year 2005 and 2006) based on probability sampling and two thirds based on quota samples. For the year 2007, half of the longitudinal data relating to years 2005, 2006 and 2007 shall be based on probability sampling and half on quota sample. After 2007 all of the longitudinal data shall be based on probability sampling.

Detailed information about sampling is available in Quality Reports in Related Materials.

Mode of data collection

Mixed

In 2023, Iceland had the highest annual average net earnings among single persons without children earning 100 percent of the average earnings in the Nordic countries, with approximately 53,900 euros annually. Meanwhile, Sweden and Finland had the lowest average earnings in the region with 34,000 and 36,000 euros annually, respectively. Average earnings in the Nordic countries are significantly higher than the EU average.