Key Facts: Venezuela vs Iceland Wages
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Iceland Minimum Wage
- No statutory minimum wage
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Iceland Avg. Gross Monthly Salary
- kr800,000 /mo ($6,478.78 USD)
- Data Sources
- Venezuelan Ministry of Labour (MINPPTRASS) / Decreto 4.653/2022 / Cendas-FVM. Confirmed: legal salario mínimo has been UNCHANGED at VES 130 since March 2022 (over 4 years frozen amid hyperinflation). Effective real income for workers is dominated by the 'ingreso integral' (bono de guerra económica + CESTATICKET food bonus), increased to USD 240/month effective 1 May 2026. (2026-05-04), Directorate of Labour (Vinnumálastofnun) / Statistics Iceland (2026-02-24)
Venezuela 
Iceland
Updated 2026-05-04
Unlike Iceland, which has no statutory minimum wage, Venezuela mandates a wage floor of $0/hr. Average gross salaries diverge further: $14/mo in Venezuela versus $6,479/mo in Iceland, a 473.0:1 ratio.
Venezuela's unemployment rate is 5.3% compared to Iceland's 3.6%.
Detailed Comparison
| Metric | Venezuela | Iceland |
|---|---|---|
| Minimum wage /hr | Bs.D0.68 $0.02 | None |
| Minimum wage /day | Bs.D5.42 $0.15 | None |
| Minimum wage /mo | Bs.D130 $3.56 | None |
| Avg. gross salary /mo | Bs.D500 /mo $13.70 | kr800,000 /mo $6,478.78 |
| Avg. net salary /mo | N/A/mo | kr560,000 /mo $4,535.15 |
| Median individual income /yr | N/A/yr | kr7,800,000 /yr $63,168.12 |
Percentage differences are based on USD equivalent values. Positive means Venezuela is higher.
Work Week
- 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.
- 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.
See this comparison from Iceland's perspective: Iceland vs Venezuela
Compare Venezuela with...
Venezuela vs United States $ 7.25 /hr 
Venezuela vs China ¥ 25 /hr 
Venezuela vs Germany € 13.9 /hr 
Venezuela vs United Kingdom £ 12.71 /hr 
Venezuela vs India ₹ 4,576 /mo 
Venezuela vs Japan ¥ 1,121 /hr 
Venezuela vs France € 12.02 /hr 
Venezuela vs South Korea ₩ 10,320 /hr 
Venezuela vs Canada C$ 18.1 /hr 
Venezuela vs Australia A$ 24.95 /hr 
Venezuela vs Brazil R$ 7.37 /hr 
Venezuela vs Russia ₽ 156.31 /hr 
Venezuela vs Mexico MX$ 9,583.52 /mo 
Venezuela vs Indonesia Rp 33,058 /hr 
Venezuela vs Netherlands € 14.71 /hr 
Venezuela vs Saudi Arabia ﷼ 23.08 /hr 
Venezuela vs Turkey ₺ 164.94 /hr 
Venezuela vs Taiwan NT$ 190 /hr 
Venezuela vs Switzerland 
Venezuela vs Poland zł 31.4 /hr 
Venezuela vs Thailand ฿ 10,400 /mo 
Venezuela vs Sweden 
Venezuela vs Argentina ARS 1,762 /hr 
Venezuela vs Singapore Frequently Asked Questions
Is the minimum wage higher in Venezuela or Iceland?
In Venezuela, the minimum wage is Bs.D0.68/hr ($0.02 USD). In Iceland, it is no statutory minimum wage.
How much less does the average worker earn in Venezuela compared to Iceland?
The average gross salary in Venezuela is Bs.D500/mo ($13.70 USD), compared to kr800,000/mo ($6,478.78 USD) in Iceland. In USD terms, workers in Venezuela earn approximately 47195% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Venezuela 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 Venezuela.
How do work hours compare between Venezuela and Iceland?
Both Venezuela and Iceland 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.