In 2021, the national minimum wage in Iceland remained fixed at €2,207.6 per month, that is 26,491 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 351,000 Icelandic kronas and accordingly, the national minimum wage has been raised 16,000 Icelandic kronas per month from the previous year, 4.78%. This increase is greater than the CPI of 2020 which was 3.6%, so workers have gained 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 2021 and see all the information about this country in Iceland economy.