Average Income in Iceland (The Complete Guide)

0
123
mountain terrain near body of water

The working environment in Iceland is dynamic. Beyond earnings, Icelanders earnestly desire a healthy working environment where they can balance their life and work. If you’re wondering what the average income in Iceland is, this one’s for you.

In this article, we’ll discuss the earnings of workers in Iceland based on their professions. Sounds good?

Let’s dig in!

Why Should You Work in Iceland?

Beyond enjoying the northern lights and natural scenery in Iceland, why should anyone work in Iceland? Let’s quickly consider some valid reasons before going into average salaries in Iceland.

1.   Iceland has a Balance of Work and Life

Icelanders are lovers of balance. No matter how much they’re paid, they still want to have the time for other engagements. Because of this, you’ll find Icelanders working for 40 hrs every week on average, including lunch breaks.

This state of affairs also influences companies. Hence, Icelandic companies tend to be accommodating, flexible, and friendly.

2.   Icelanders Value Equality

Would you believe that since 2009, Iceland has been leading in equality? Even though there’s a need for improvement, the gap in gender pay is only 4.5%.

To improve on this, the Icelandic government introduced the Equal Pay Certification to strengthen transparency in the system. Now, offices must prove that their employees earn the same with no discrimination regarding their gender.

Guess what? Even paternal leave is the same duration for both men and women. Isn’t this amazing?

3.   Maintain a Strong Social Protection

Iceland’s robust Nordic system allows tripartite collaborations between governments, employers, and unions. These three work together for one common goal — to ensure safety, better wages, and better working environments.

4.   Creativity and Innovation are Encouraged While Working in Iceland

Even with its small size, Iceland is renowned for developing and encouraging innovative solutions to its problems. The strong social protection, excellent education, and healthcare all point to the Icelandic knack for inventiveness.

Average Salaries in Iceland 2022/2023

Here’s a detailed description of the salaries to expect when working in Iceland, depending on your profession:

ProfessionAverage Income in Iceland
Data Scientists$124,308
Medical Doctors$187,675
Chief Executive Officers$157,366
Product Managers$85,676
Attorneys$85,516
Pharmacists$121,902
Dentists$143,164
Architects$97,995
IT Managers$92,338
Graphic Designers$47,093
Human Resource Managers$79,344
Nurses$76,818
Teachers$49423
Chefs$53,159
Civil Engineers$75,648
UX Designers$75,459

Calculating Your Salary After Tax

Here’s a guide if you’re wondering how to calculate your salary after tax.

The Iceland Salary Calculator is the easiest resource to access salaries and taxes in Iceland. The information has also been updated using the 2022/2023 tax tables. Here’s all you need to do:

  • Enter the amount you earn on the site.
  • The Iceland Salary Calculator automatically calculates your salary after tax.
  • You can select the “Advanced” function, enter your age, or alter it to reflect your new age. Your new tax allowances and deductions will be reflected immediately.
  • You can change the hours you work each week; you can also allow your allowances and rates to be split in accordance with your employment contract.

Finally

Your average income in Iceland is dependent on how much work you do. So who says you can’t take up more opportunities to meet ends? There are tons of side jobs for everyone in Iceland, but how ready are you to hunt them down?

Frequently Asked Questions About the Average Income in Iceland

Why are dogs forbidden in Iceland?

Because it was a measure to prevent the spread of a particular species of tapeworm called “echinococcosis.” Reykjavik pioneered this move in 1924 when autopsies revealed this tapeworm as a menace.

The tapeworm was a significant cause of severe complications leading to blindness and death in Iceland. Until recently, the disease had a 75% mortality rate. It gets more serious — not only dogs are forbidden in Iceland, but snakes, turtles, and lizards are also prohibited for a season in Iceland.

How much is rent in Iceland?

Rent is not the cheapest in Iceland. According to Numbeo, the average rent in Iceland is as follows:

  • One Bedroom Apartment in the City Center – $1,373
  • One Bedroom Apartment outside the City Center – $1,127
  • Three Bedroom Apartment in the City Center – $1,972
  • Three Bedroom Apartment outside the City Center – $1,714

Can you drink publicly in Iceland?

In Reykjavik? Yes, but there are limitations. Public drinking, especially at night, is a socially acceptable lifestyle. However, it’s only allowed from Thursday evenings until Sunday mornings. Any form of public drinking outside that makes it illegal.

Is there a lot of crime in Iceland?

The crime rate is very low in Iceland. In fact, it’s considered one of the safest countries to live in. According to Statista, Iceland recorded only 1 case of homicide in 2021. However, Iceland has quite a large number of sexual violence cases. It went up to 184.32 reported cases in 2021. This calls for concern.

What is the leading cause of death in Iceland?

According to research by the Borgen Project Organization in 2017, Coronary Heart Disease (CHD) was the leading cause of death in Iceland. Out of 100,000 people, 139 of them die from CHD each year. This disease can be traced to poor diet habits and unhealthy lifestyles.