In 2022, the national minimum wage in Iceland remained fixed at €2,493.2 per month, that is 29,918 euros per year, taking into account 12 payments per year.
If we look at the minimum salary in Icelandic kronas, which is the official currency in Iceland, we can see that, this year, it was 368,000 Icelandic kronas and accordingly, the national minimum wage has been raised 17,000 Icelandic kronas per month from the previous year, 4.84%. This increase is less than the CPI of 2021 which was 5.1%,and so workers, despite the raise, have lost buying power in the last year.
If we look at the ranking of the national minimum wage that we publish, Iceland is one of the countries with the highest minimum salary of the 120 of the list.
The National Minimum Wage (NMW) of a country is the minimum amount (lowest salary) per hour, per day, or per month that employers may legally pay to workers.
In the table that follows we show you the progression of the National Minimum Wage Iceland. You can see NMW in other countries in National Minimum Wage 2022 and see all the information about this country in Iceland economy.