Iceland North Korea

Updated 2026-02-25

Iceland

No statutory minimum wage

Avg. Gross Salary

kr800,000 /mo

North Korea

No statutory minimum wage

Avg. Gross Salary

₩100,000 /mo

Avg. salary: +5731% Iceland vs North Korea

Neither Iceland nor North Korea has a statutory minimum wage, relying instead on collective bargaining or sectoral agreements. Average gross salaries diverge further: $6,479/mo in Iceland versus $111/mo in North Korea, a 58.3:1 ratio.

Iceland's unemployment rate is 3.6% compared to North Korea's 3.5%.

Detailed Comparison

Detailed wage comparison between Iceland and North Korea
Metric	Iceland	North Korea	Diff
Avg. gross salary /mo	kr800,000 /mo $6,478.78	₩100,000 /mo $111.11	+5730.9%
Avg. net salary /mo	kr560,000 /mo $4,535.15	₩90,000 /mo $100	+4435.1%
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.
North Korea: 48 hrs/wk standard

The North Korean Labour Law formally sets an 8-hour working day. In practice, many workers are required to spend additional hours in compulsory political study, military training, and 'volunteer' labour campaigns. The actual workweek for state employees varies widely by sector and location. No independent verification of labour conditions is possible.

What This Means for Workers

Standard work weeks differ: Iceland mandates 40 hours while North Korea mandates 48 hours.

See this comparison from North Korea's perspective: North Korea 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

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

The average gross salary in Iceland is kr800,000/mo ($6,478.78 USD), compared to ₩100,000/mo ($111.11 USD) in North Korea. In USD terms, workers in Iceland earn approximately 5731% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Iceland and North Korea 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 North Korea.

How do work hours compare between Iceland and North Korea?

North Korea has a longer standard work week at 48 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.