[Iceland] In 2020 basic wages increased by an average of 6.6%

Newly released figures reveal that basic wages in Iceland increased throughout 2020 by 6.6 per cent and continue to rise, The Reykjavic Grapevine reports.

The lowest wages in the country in 2020 were in accommodation and restaurant operations sectors but pay was also low for workers in waste management and water and sewerage. At the other end of the scale, regular monthly salaries and total salaries were highest in financial and insurance activities.

These statistics come from Landsbankinn’s new Hagsjá, which is based on figures from Statistics Iceland. (Link via original reporting)

The shortening of the working week has some impact on total wages, which reportedly rose by 5.3 per cent between 2020 and 2021, while basic wages rose by 6.6 per cent. The wage index had a similar rise, of 6.3 per cent.

On average, the number of paid employee hours decreased by three per month in 2020; primarily in the general labour market as the reduction in working hours in the public sector did not take effect until this year.

All wage increases in 2020 were ISK increases, but the increase in hotel and restaurant operations was by far the largest, at 12 to 13 per cent. The smallest increase was in financial and insurance activities, as well as in trade and repairs.

Regular monthly salaries in 2020 averaged ISK 670,000 and total salaries ISK 794,000, mainly as a result of overtime.

Source: The Reykjavic Grapevine

Newly released figures reveal that basic wages in Iceland increased throughout 2020 by 6.6 per cent and continue to rise, The Reykjavic Grapevine reports.

The lowest wages in the country in 2020 were in accommodation and restaurant operations sectors but pay was also low for workers in waste management and water and sewerage. At the other end of the scale, regular monthly salaries and total salaries were highest in financial and insurance activities.

These statistics come from Landsbankinn’s new Hagsjá, which is based on figures from Statistics Iceland. (Link via original reporting)

The shortening of the working week has some impact on total wages, which reportedly rose by 5.3 per cent between 2020 and 2021, while basic wages rose by 6.6 per cent. The wage index had a similar rise, of 6.3 per cent.

On average, the number of paid employee hours decreased by three per month in 2020; primarily in the general labour market as the reduction in working hours in the public sector did not take effect until this year.

All wage increases in 2020 were ISK increases, but the increase in hotel and restaurant operations was by far the largest, at 12 to 13 per cent. The smallest increase was in financial and insurance activities, as well as in trade and repairs.

Regular monthly salaries in 2020 averaged ISK 670,000 and total salaries ISK 794,000, mainly as a result of overtime.

Source: The Reykjavic Grapevine