Iceland Venezuela

Updated 2026-05-04

Iceland

No statutory minimum wage

Avg. Gross Salary

kr800,000 /mo

Venezuela

Minimum Wage

Bs.D0.68 /hr

$0.02 USD

Avg. Gross Salary

Bs.D500 /mo

Avg. salary: +47195% Iceland vs Venezuela

Iceland has no statutory minimum wage, while Venezuela sets a floor of $0/hr. Average gross salaries diverge further: $6,479/mo in Iceland versus $14/mo in Venezuela, a 473.0:1 ratio.

Iceland's unemployment rate is 3.6% compared to Venezuela's 5.3%.

Detailed Comparison

Detailed wage comparison between Iceland and Venezuela
Metric	Iceland	Venezuela	Diff
Minimum wage /hr	None	Bs.D0.68 $0.02	—
Minimum wage /day	None	Bs.D5.42 $0.15	—
Minimum wage /mo	None	Bs.D130 $3.56	—
Avg. gross salary /mo	kr800,000 /mo $6,478.78	Bs.D500 /mo $13.70	+47195.1%
Avg. net salary /mo	kr560,000 /mo $4,535.15	N/A/mo	—
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.
Venezuela: 40 hrs/wk standard

Max 44 hrs/wk

Overtime : 1.5x pay

Organic Labour Law (LOTTT) of 2012 sets the standard workweek at 40 hours (8 hours/day, 5 days). Certain sectors may work up to 44 hours/week. Overtime is limited to 100 hours/year and paid at a premium of at least 50%. Night work (7pm–5am) carries a 30% premium. Workers are entitled to 2 years advance notice before termination — the LOTTT provides extremely strong job security provisions. Saturday is often worked in practice in commerce/industry.

See this comparison from Venezuela's perspective: Venezuela 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 Venezuela?

In Iceland, the minimum wage is no statutory minimum wage. In Venezuela, it is Bs.D0.68/hr ($0.02 USD).

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

The average gross salary in Iceland is kr800,000/mo ($6,478.78 USD), compared to Bs.D500/mo ($13.70 USD) in Venezuela. In USD terms, workers in Iceland earn approximately 47195% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Iceland and Venezuela 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 Venezuela.

How do work hours compare between Iceland and Venezuela?

Both Iceland and Venezuela mandate a similar standard work week of 40 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.