Iceland  Minimum Wage, Labor Law, and Employment Data Sheet Iceland Minimum Wage Rate 2024

Appx. Yearly Minimum Wage
None Applicable
Rank by Min. Wage
122 / 197
Gross National Product
$8,255.00 USD

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 1-Jan-2015.

Facts and statistics about Iceland

Iceland is a country located in the Nordic Countries region with a population of 279,000 and an average life span of 79.4 years.

Local Name Ísland
Gross National Product $8,255.00
Government Type Republic
Current Leader Ólafur Ragnar Grímsson
Independence Year 1944
Continent & Region Europe, Nordic Countries
Surface Area 103,000 square kilometers
ISO 3166 Country Code IS

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