Average Salary in Iceland 2024

Explore the fascinating salary dynamics in Iceland as we delve into various aspects, including the pay scale, wage gap, yearly increments, and breakdown over education level or years of experience. Discover how these factors shape the Icelandic job market landscape and gain valuable insights into the equitable distribution of wages. Uncover the hidden patterns and trends that influence salaries in Iceland, empowering yourself with essential knowledge for both employers and employees. Don't miss this comprehensive analysis shedding light on the intricacies of salary structures in this remarkable Nordic nation.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Iceland in 2024?

What is the average salary in Iceland in 2024?
8,500USD
(USD 101,200 yearly)
Low 3,800 USD
Average 8,500 USD
High 37,200 USD
The average salary in Iceland is typically USD 8,500 per month. However, salaries can range from USD 3,800 (lowest average) to USD 37,200 (highest average, actual maximum salary is higher). This is the average salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
In comparison with average salary in Iceland in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. The comprehensive comparison between 2023 and 2024 will be conducted at the year's end.

Pay Scale and Salaries in Iceland

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 37,200, 75% of the people earn USD 11,700 or less. 50% employees earn less USD 8,200 or less, 25% of the employees earn less than USD 6,200.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 37,200, 75% of the people earn USD 11,700 or less. 50% employees earn less USD 8,200 or less, 25% of the employees earn less than USD 6,200.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Iceland the minimum salary is USD 3,800.

Median Salary

The median salary in Iceland is USD 6,700, indicating the middle point of all salaries in a dataset, with half of the values above and half below it. This statistic offers a more balanced perspective on income distribution and is widely used to assess average earnings across different professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Iceland the salary ranges from USD 3,800 to USD 37,200.

Annual Salary Increments in Iceland

What is the average annual salary increment in the Iceland? How frequently do employees receive salary raises?

In 2024, Iceland employees received an average salary increase of 0.7%. It's essential to note that this is an average figure across all job sectors. Globally, the average salary increment for 2024 is 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
In 2024 employees in Iceland received around 0.7% salary increase. Please note that this is average across all job sectors. In comparison worldwide average for 2024 is 0.7%.

Historical Graph of Annual Salary Increments in Iceland

On an average, employees in Iceland have received a salary increase ranging from -3.0% to 14.1% per year in recent years. This translates to an average increment of 6.4% per year.Download chartGet chart linkShare on FacebookShare on Twitter
In the past years, employees in Iceland have seen their salaries rise by an average of 6.4% per year. The increment ranges from -3.0% to 14.1% per year on average.

Salary Forecast and Trends for the Future in Iceland

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 4.5%. Estimated range is between 2.5% and 6.8%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 4.5%. Estimated range is between 2.5% and 6.8%.

Gender Wage Gap in Iceland

What is the difference in pay between mens and womens? Men vs. women salary comparison.

In Iceland, the actual wage gap amounts to 9.7%.Download chartGet chart linkShare on FacebookShare on Twitter
In terms of wage disparity, Iceland experiences 9.7%.
It's due to many factors, such as:
  • Gender inequality.
  • On an average, women take 10% more days of paid leave compared to men annually.
  • Men are more inclined than women to possess a college degree.
  • Women are more likely than men to take on caregiving responsibilities for children and elderly relatives.
  • Part-time work is more common among women, and they typically earn less than their full-time counterparts.
  • When it comes to occupations, women are more inclined towards lower-paying ones than men.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and attaining a bachelor's degree yields a host of benefits. Above all, it significantly enhances career prospects by increasing earning potential and broadening access to a greater variety of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Beyond financial rewards, pursuing a bachelor's degree fosters personal growth, critical thinking skills, and the chance to specialize in a particular field of interest. It also facilitates valuable networking opportunities and the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative path that opens doors to a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. signifies an insatiable thirst for knowledge and a commitment to a meaningful and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of close to 10%-14%. Expertise and leadership receive higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of roughly 10%-14%. Expertise and leadership earn higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Iceland

What is the average hourly wage in the Iceland?

Average Hourly Wage
50USD
Low 22 USD
Average 50 USD
High 219 USD

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Hourly wages may result in irregular or fluctuating income, making it difficult to budget and plan for expenses.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks normally affiliated with full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can interrupt work-life balance and make it challenging to maintain consistent routines.
  • Uncertain job security: In comparison to salaried positions, hourly positions can face greater job insecurity as they are more prone to layoffs, downsizing, or changes in demand.
  • Limited career advancement: There may be limited opportunities for career growth, professional development, or upward mobility within the organization in some hourly jobs.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Iceland

What are the best paying jobs in Iceland?

List with best paid jobs in IcelandDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Iceland?

  1. Surgeon (USD 36,800)
  2. Doctor (USD 33,200)
  3. Chief Executive Officer (CEO) (USD 31,700)
  4. Registered Nurse Anesthetist (USD 30,900)
  5. Dentist (USD 29,600)
  6. Airline Pilot (USD 28,600)
  7. Intellectual Property Lawyer (USD 27,600)
  8. Marketing Manager (USD 24,400)
  9. Marketing Director (USD 24,400)
  10. Sales Director (USD 22,900)
  11. Sales Manager (USD 22,900)
  12. Petroleum Engineer (USD 22,700)
  13. Brand Manager (USD 22,200)
  14. Marketer (USD 22,200)
  15. Judge (USD 21,900)
  16. Treasurer (USD 21,600)
  17. Controller (USD 21,600)
  18. Pharmacist (USD 21,100)
  19. Tax Lawyer (USD 20,800)
  20. Lawyer (USD 20,800)
List with worst paid jobs in IcelandDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Iceland?

  1. Cashier (USD 4,000)
  2. Childcare Worker (USD 4,200)
  3. Stock clerk (USD 4,300)
  4. Elder Care Worker (USD 4,300)
  5. Receptionist (USD 4,500)
  6. Bartender (USD 4,800)
  7. Food and beverage server (USD 4,900)
  8. Janitor (USD 4,900)
  9. Waiter (USD 5,000)
  10. Tour Guide (USD 5,000)
  11. Customer Service Representative (USD 6,000)
  12. Hotel Concierge (USD 6,100)
  13. Rehabilitation Counselor (USD 6,200)
  14. Travel Agent (USD 6,700)
  15. Secretary (USD 6,900)
  16. Painter (USD 7,100)
  17. Carpenter (USD 7,400)
  18. Bus Driver (USD 7,500)
  19. Artist (USD 7,600)
  20. Truck Driver (USD 7,700)
List with best paid industries in IcelandDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 23,500)
  2. Business and Management (USD 20,000)
  3. Marketing and Sales (USD 18,400)
  4. Engineering (USD 17,000)
  5. Law (USD 16,100)
  6. Accounting and Finance (USD 16,000)
  7. Computer and Information Technology (USD 15,700)
  8. Transportation and Logistics (USD 15,300)
  9. Science (USD 15,200)
  10. Education and Training (USD 12,600)
  11. Other (USD 9,300)
  12. Hospitality and Tourism (USD 7,800)
  13. Social Services (USD 6,400)
  14. Services (USD 5,800)