Monthly minimum wage in Iceland
Iceland: Monthly minimum wage was 425,985 in 2024. ▲ Rising
Monthly minimum wage in Iceland, 2019–2024
Source: International Labour Organization.
Analysis
Iceland recorded 425,985 for monthly minimum wage in 2024. That is the highest value across all 6 years on record.
That represents a change of up 5.9% on the previous year and up 42.0% over ten years.
That places Iceland 13th out of 173 countries with data for 2024, putting it in the top 10%.
Monthly minimum wage in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 2019 | 300,000 | — |
| 2020 | 335,000 | +11.7% |
| 2021 | 351,000 | +4.8% |
| 2022 | 368,000 | +4.8% |
| 2023 | 402,235 | +9.3% |
| 2024 | 425,985 | +5.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 300,000 | 300,000 | 300,000 | 1 |
| 2020s | 376,444 | 335,000 | 425,985 | 5 |
Countries ranked near Iceland
More work & labour data for Iceland
- Population - Est. & Proj. — Total Population - Both sexes, annual -0.4964 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Male, annual growth -0.4501 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Female, annual growth -0.5492 % change on previous year (2100)
- Population - Est. & Proj. — Rural population, annual growth rate -1.37 % change on previous year (2050)
- Population - Est. & Proj. — Urban population, annual growth rate 0.2312 % change on previous year (2050)
- Population - Est. & Proj. — Urban population 373.77 1000 No (2050)
- Population - Est. & Proj. — Rural population 16.3 1000 No (2050)
- Population - Est. & Proj. — Total Population - Female 169.5 1000 No (2100)
- Population - Est. & Proj. — Total Population - Male 193.08 1000 No (2100)
- Population - Est. & Proj. — Total Population - Both sexes 362.58 1000 No (2100)
Frequently asked questions
- What is monthly minimum wage in Iceland?
- Monthly minimum wage in Iceland was 425,985 in 2024, according to International Labour Organization.
- What is the highest monthly minimum wage recorded in Iceland?
- The highest recorded value was 425,985 in 2024.
- What is the lowest monthly minimum wage recorded in Iceland?
- The lowest recorded value was 300,000 in 2019.
- How does Iceland rank for monthly minimum wage?
- Iceland ranks 13th out of 173 countries with data for 2024.
- Is monthly minimum wage rising or falling in Iceland?
- Over the last ten years it is up 42.0%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from International Labour Organization, published as part of Monthly minimum wage. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 6 observations, free to reuse under ILO Terms of Use (attribution required).
About this data
Data refer to the minimum monthly earnings of all employees as of December 31st of each year. Minimum wages are not reported for countries for which collective bargaining is in place for minimum wages. In cases where a national minimum wage is not mandated, the minimum wage in place in the capital or major city is used. In some cases, an average of multiple regional minimum wages is used. In countries where the minimum wage is set at the sectoral level or occupational level, the minimum wage for manufacturing or unskilled workers is generally applied. Data are converted to U.S. dollars as the common currency, using exchange rates or purchasing power parity (PPP) rates rates for private consumption expenditures. The latter series allows for international comparisons by taking account of the differences in relative prices between countries. For more information, refer to the Wages and Working Time Statistics (COND) database description.