Iceland Eritrea

Updated 2026-02-25

Iceland

No statutory minimum wage

Avg. Gross Salary

kr800,000 /mo

Eritrea

Minimum Wage

Nfk600 /mo

$40 USD

Avg. Gross Salary

Nfk6,000 /mo

Avg. salary: +1520% Iceland vs Eritrea

Iceland has no statutory minimum wage, while Eritrea sets a floor of $40/mo. Average gross salaries diverge further: $6,479/mo in Iceland versus $400/mo in Eritrea, a 16.2:1 ratio. Iceland has the tighter labor market, with unemployment at 3.6% compared to 6.0%.

Iceland's unemployment rate is 3.6% compared to Eritrea's 6.0%.

Detailed Comparison

Detailed wage comparison between Iceland and Eritrea
Metric	Iceland	Eritrea	Diff
Minimum wage /mo	None	Nfk600 $40	—
Avg. gross salary /mo	kr800,000 /mo $6,478.78	Nfk6,000 /mo $400	+1519.7%
Avg. net salary /mo	kr560,000 /mo $4,535.15	Nfk5,400 /mo $360	+1159.8%
Median individual income /yr	kr7,800,000 /yr $63,168.12	N/A/yr	—

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

Work 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.
Eritrea: 44 hrs/wk standard

Labour Law sets 44 hours/week for civilian workers (8 hours/day, 5.5 days). However, the national service program operates under military regulations outside normal labour law. No reliable enforcement or monitoring data is available.

What This Means for Workers

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

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

Compare Iceland with...

Iceland vs United States $ 7.25 /hr

Iceland vs China ¥ 25 /hr

Iceland vs Germany € 13.9 /hr

Iceland vs United Kingdom £ 12.71 /hr

Iceland vs India ₹ 4,576 /mo

Iceland vs Japan ¥ 1,121 /hr

Iceland vs France € 12.02 /hr

Iceland vs South Korea ₩ 10,320 /hr

Iceland vs Canada C$ 18.1 /hr

Iceland vs Australia A$ 24.95 /hr

Iceland vs Brazil R$ 7.37 /hr

Iceland vs Russia ₽ 156.31 /hr

Iceland vs Mexico MX$ 9,583.52 /mo

Iceland vs Indonesia Rp 33,058 /hr

Iceland vs Netherlands € 14.71 /hr

Iceland vs Saudi Arabia ﷼ 23.08 /hr

Iceland vs Turkey ₺ 164.94 /hr

Iceland vs Taiwan NT$ 190 /hr

Iceland vs Switzerland

Iceland vs Poland zł 31.4 /hr

Iceland vs Thailand ฿ 10,400 /mo

Iceland vs Sweden

Iceland vs Argentina ARS 1,762 /hr

Iceland vs Singapore

Frequently Asked Questions

Is the minimum wage higher in Iceland or Eritrea?

In Iceland, the minimum wage is no statutory minimum wage. In Eritrea, it is Nfk600/mo ($40 USD).

How much more does the average worker earn in Iceland compared to Eritrea?

The average gross salary in Iceland is kr800,000/mo ($6,478.78 USD), compared to Nfk6,000/mo ($400 USD) in Eritrea. In USD terms, workers in Iceland earn approximately 1520% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Iceland and Eritrea 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 Eritrea.

How do work hours compare between Iceland and Eritrea?

Eritrea has a longer standard work week at 44 hours, compared to 40 hours in Iceland. Workers in Iceland work 40 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.