What is the average salary in Iceland?

According to Icelandic government statistics as of July 2020, the average salary in Iceland is 573,000 ISK, about € 3,500 (USD 4.136) at current exchange rates. The mode salary is 473,000 ISK or € 2,900; both figures are net. These current values represent an increase of 0.9% compared to the previous year.

What are working rights and wages in Iceland?

Working rights and wages in Iceland are protected by Union of Workers (stettarfélag). A labor union is an organization where workers come together to achieve common aims such us improving working conditions, salary or safety.

How good is Iceland's GDP per capita?

GDP volume per capita (based on PPP's) in Iceland was 30% above the European average in 2017. GDP per capita is a very flawed measure to compare the prosperity of nations, since it does not take into account the distribution of income.

How much tax do you pay on a salary in ISK?

The monthly income taxes for salaries below ISK 893,713 (€ 5,489 or USD 6484) are 36.94%, and it raises to 46.24% if earnings are above that income threshold. The profits can come only from the salary or through any other source of income, such as financial assets. The first ISK 55,895 are exempt from paying taxes.