Iceland Minimum Wage Rate 2024

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.