Cuba Iceland

Updated 2026-02-25

Cuba

Minimum Wage

$MN12.12 /hr

$0.03 USD

Avg. Gross Salary

$MN6,649 /mo

Iceland

No statutory minimum wage

Avg. Gross Salary

kr800,000 /mo

Avg. salary: -100% Cuba vs Iceland

Unlike Iceland, which has no statutory minimum wage, Cuba mandates a wage floor of $0/hr. Average gross salaries diverge further: $16/mo in Cuba versus $6,479/mo in Iceland, a 399.5:1 ratio.

Cuba's unemployment rate is 1.8% compared to Iceland's 3.6%.

Detailed Comparison

Detailed wage comparison between Cuba and Iceland
Metric	Cuba	Iceland	Diff
Minimum wage /hr	$MN12.12 $0.03	None	—
Minimum wage /mo	$MN2,100 $5.12	None	—
Minimum wage /yr	$MN25,200 $61.46	None	—
Avg. gross salary /mo	$MN6,649 /mo $16.22	kr800,000 /mo $6,478.78	-99.7%
Avg. net salary /mo	$MN6,300 /mo $15.37	kr560,000 /mo $4,535.15	-99.7%
Median individual income /yr	$MN48,000 /yr $117.07	kr7,800,000 /yr $63,168.12	-99.8%

Percentage differences are based on USD equivalent values. Positive means Cuba is higher.

Work Week

Cuba: 44 hrs/wk standard

Max 44 hrs/wk

Overtime : 1.25x pay

Labour Code sets standard working hours at 8 hours/day and 44 hours/week. Overtime is paid at 125% of normal rate. Some sectors work 40 hours/week.
Iceland: 40 hrs/wk standard

Max 48 hrs/wk

Overtime : 1.8x pay

Standard working week is 40 hours (set by collective agreements). The Act on Working Environment and Health sets maximum average of 48 hours/week per EU Working Time Directive. Overtime premiums are set by collective agreements, typically 80% premium (1.8x) for daytime overtime, higher for evenings/weekends. A landmark 2021 agreement reduced standard hours from 40 to 36 for many public sector workers, with the private sector gradually following.

What This Means for Workers

Standard work weeks differ: Cuba mandates 44 hours while Iceland mandates 40 hours.

See this comparison from Iceland's perspective: Iceland vs Cuba

Compare Cuba with...

Frequently Asked Questions

Is the minimum wage higher in Cuba or Iceland?

In Cuba, the minimum wage is $MN12.12/hr ($0.03 USD). In Iceland, it is no statutory minimum wage.

How much less does the average worker earn in Cuba compared to Iceland?

The average gross salary in Cuba is $MN6,649/mo ($16.22 USD), compared to kr800,000/mo ($6,478.78 USD) in Iceland. In USD terms, workers in Cuba earn approximately 39850% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Cuba and Iceland is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Iceland earn more in nominal terms, though how far that income stretches depends on local prices in Cuba.

How do work hours compare between Cuba and Iceland?

Cuba has a longer standard work week at 44 hours, compared to 40 hours in Iceland. Workers in Cuba work 44 hours per week by law. Longer mandatory hours can offset a nominally higher wage; a worker in Iceland working fewer hours may have comparable or better effective hourly earnings depending on the wage levels of each country. Total annual compensation depends on both the wage rate and the number of hours required.