Wages in Iceland – second place among 28 countries

Wages in Iceland - second place among 28 countries

As reported by Morgunblaðið, a comparison of wages in 28 countries, carried out by the OECD, shows that in Iceland wages are in second place, second only to US wages. This was revealed in the autumn report by a statistical commission on wage development in Iceland released yesterday.

The report concludes that an international comparison of the average real wages (ie in terms of purchasing power) of all fully employed people in the labor market is a good indicator of the prosperity of a country.

Last year, the average annual salary in Iceland was the equivalent of 67.5 thousand. dollars and was 16% higher than in Denmark, which came second among the Nordic countries.

“Measured in this way, only in the US average wages are higher [niż w Islandii]and these two countries, along with Luxembourg and Switzerland, stand out in some way “ – we read in the report.

Since March 2019, when the current round of wage negotiations began, followed by the signing of the Quality of Life Deal, 326 employment contracts have been signed in the Icelandic labor market.

According to OECD, the hourly wage index in Iceland increased by 17% from the first quarter of 2019 to the second quarter of this year. Over the same period, this index increased on average by 7% within the OECD and by 4–7% in the rest of the Nordic countries. Although the inflation rate varied from country to country, purchasing power increased more in Iceland than in other countries.

The last place in the comparison was taken by Mexico, and Poland eleventh from the bottom.

More information can be found in the OECD report – HERE.

Source: Yle

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