Because Iceland does not have a minimum wage, there is no mandatory minimum rate of pay for workers in Iceland. Pay rates must be agreed upon directly with the employer through collective bargaining or other means of negotiating a fair living wage.

What is the Iceland Minimum Wage?

Iceland's Minimum Wage is the lowest amount a worker can be legally paid for his work. Most countries have a nation-wide minimum wage that all workers must be paid.

Iceland has no government-mandated minimum wage. However, minimum wages are negotiated in various collectively bargained agreements and applied automatically to all employees in those occupations, regardless of union membership; while the agreements can be either industry- or sector-wide, and in some cases firm-specific, the minimum wage levels are occupation-specific. Iceland's minimum wage was last changed in N/A .

How does Iceland's minimum wage compare to the minimum wage in other countries?

Iceland's yearly minimum wage is $0.00 in International Currency. International Currency is a measure of currency based on the value of the United States dollar in 2009. There are countries with a higher Minimum Wage then Iceland, and Iceland is in the top 0 percent of all countries based on the yearly minimum wage rate.

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