Iceland has no official minimum wage. Minimum wages, on the other hand, are determined by collective bargaining agreements that typically cover a single economic sector.
Even though Iceland has no official minimum wage, we can estimate what lower-wage jobs pay in the country. The Efling, Iceland's largest labor union, has its own minimum wage figures. As of 2021, the minimum monthly salary in Efling is 351,000 ISK for a full-time position.
While this may not apply to all Icelandic workers, it is a fairly standard figure for the country. These are gross figures for employees who are at least 18 years old and have worked for the same employer for at least six months. As of 2020, the minimum salary of 351,000 ISK is approximately equivalent to 2720 USD.