Iceland - Wide gap in wage costs - April 30, 2026

New figures released by Statistics Iceland show that employers paid an average of 8,653 krónur (€ 60.17) per hour in 2024, once all labour-related expenses were included. According to the report, labour costs varied significantly between industries. The financial and insurance sector recorded the highest hourly expense, reaching an average of 12,004 krónur (€ 83.48). By contrast, the lowest hourly costs were found in hospitality (accommodation and catering), at 6,426 krónur (€ 44.69).

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