What Is the Minimum and Average Salary in Iceland? [2024 Updated Answer]

Iceland might be cold year-long, but it sure gets warm when you realize that salaries here are among the best in Europe.

And if you’re wondering what is the minimum salary in Iceland this year, as well as what is the average wage in the country in 2024, you’re at the right place!

The minimum salary in Iceland in 2024 is 1,600 Euros per month, and the average salary in Iceland in 2024 is around 3,500 Euros per month. Both the minimum and average represent take home/net wages.

As it stands with other Scandinavian countries, there are some important factors that need to be discussed when it comes to salaries in Iceland, and I will go more in depth below.

I recommend reading on for getting the big picture. Because, even though the minimum salary might seem high, the general cost of living in Iceland is very high too.

So let’s get this started!

What is the minimum wage in Iceland in 2024?

iceland minimum salary

I estimate the minimum salary in Iceland to be around €1,600 per month (around 250,000 ISK). This estimate is based on my research, as there is no government-regulated minimum salary here.

Also, this is the NET salary that I am talking about – so the amount a worker takes home at the end of the month.

The minimum salaries vary greatly depending on the negotiation between Iceland’s worker unions, but overall I think it’s safe to consider the above number as a solid indicator, although in some cases you could earn more.

Compared to last years, we see that the minimum wage in Iceland has grown a lot, beating inflation. We’re talking about a 15% increase compared to last year.

And if you want to compare Iceland’s wages with others in the region, check out the salaries of the other Scandinavian countries below:

What is the average wage in Iceland in 2024?

iceland average salary

The net average salary in Iceland is around 525,000 ISK monthly, which is roughly 3,500 Euros per month.

The average wages in the country have also seen a nice increase compared to last year’s 450,000 ISK values, also managing to beat the high inflation in the country.

Iceland remains one of the wealthiest and best-paying countries in Europe, with some of the highest salaries you can get for a full time job.

People earning an average income here would live a more than decent life, well above my estimated cost of living in any of the country’s cities, including the capital, Reykjavik.

And if you’re considering at least checking it out, take a look at my article sharing the best bars in Iceland’s capital, or the Reykjavik Nightlife Guide for Foreigners.

Back to salaries, Iceland’s average wages offer the country an amazing competitiveness on the European labor market, where the average salary is well under, at just €1,925 per month. (Source: Nomad Not Mad)

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If you decide to move to Iceland, whether for the work opportunities, life standards, or the beautiful women, you may make one of the best economic and social decisions possible.

Iceland’s attractivity is easily remarkable from multiple perspectives, starting with the development of the society, civic spirit, environmental conditions and life satisfaction to the economic sectors and income.

While the minimum salary earned here might not be enough to allow you to live a decent life (especially if you’re living alone), if you manage to earn like an average Icelander, you will be able to enjoy life for sure.

Do you have additional comments or data regarding the minimum and average wages in Iceland? Share your thoughts in the comments section down below so we can paint a clearer picture of the professional life and living standards here.

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4 thoughts on “What Is the Minimum and Average Salary in Iceland? [2024 Updated Answer]”

  1. This article doesn’t take in account that from 350.000 you have to give away 230.000 on the tent because there’s s little rental market. So maybe it’s not the best economical decision.

    • Yeap you’re right. Living in the north I Know How the Royal state situation is and if is it hard. Especially if you move alone and have to pay for everything on your own. You still can make quite a chunk of money by working more hours than a clock just to say. Anyway still so much better option than other countries in Europe and the safety and beauty of the island is not to compete with.

  2. Hi

    I would like to know if there is an official salaries chart.
    I ask because I know people working for 1800 isk/h and not officially.
    I think it is way too low.


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