The active population in figures

Note: (e) Estimated data

Working conditions

Legal weekly duration

40 hours

Retirement age

67 years.

Working contracts

The work contract is defined by the law. Collective agreements and individual negotiation complete it.
The work contract is rather formal.

Cost of labor

Minimum wage

No minimum wage is mandated by law, but there are minimum wages, specific to different sectors of activity, defined by collective agreements.

Average wage

Average earnings is USD 713 per week

Social contributions

Social security contributions paid by employers: 6%
Social security contributions paid by employees: 4%

Social partners

Social dialogue and involvement of social partners

The Icelandic Federation of Labor can be mentioned.

Unions

List of all Icelandic Unions

Unionization rate

Icelandic workers are among the most unionized in the world with more than 85% of them belonging to a union.

Labor regulation bodies

Ministry of Social Affairs
Confederation of Icelandic Employers (CIE)