Average Electrical Worker Salary in Iceland for 2024

In this article, we will look at the average Electrical Worker salary for 2024 in Iceland and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Icelandic króna. To keep things simple, we are using the ISK currency code instead of the currency symbol kr.

How Much Does an Electrical Worker Make in Iceland?

An Electrical Worker working in Iceland will typically earn around 2,698,900 ISK per year, and this can range from the lowest average salary of about 1,249,900 ISK to the highest average salary of 4,309,300 ISK.

Average Annual Salary
2,698,900 ISK
Average Monthly Salary
224,908 ISK

Lowest Annual Salary
1,249,900 ISK
Lowest Monthly Salary
104,158 ISK

Highest Annual Salary
4,309,300 ISK
Highest Monthly Salary
359,108 ISK

These are average salaries for an Electrical Worker in Iceland and include benefits such as housing and transport. It's also possible for an Electrical Worker to earn more or less than the average salaries shown above.

Electrical Worker salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Electrical Worker Salaries in Iceland

So we've looked at the average salaries an Electrical Worker will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Electrical Worker can earn between 1,249,900 ISK and 4,309,300 ISK on average in Iceland. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Electrical Worker in Iceland is 2,928,100 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 2,928,100 ISK, and 50% of the population earn more than 2,928,100 ISK.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Electrical Worker salary in Iceland, 25% of the population are earning less than 1,870,400 ISK while 75% of the population earn more than 1,870,400 ISK.

75% of the population earn less than 3,898,100 ISK, and 25% of the population earn more than 3,898,100 ISK.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Electrical Worker Salary by Experience Level in Iceland

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average electrical worker salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Electrical Worker in Iceland that has less than two years of experience can expect to earn somewhere in the region of 1,417,600 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Electrical Worker salary would increase to 1,882,700 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as an Electrical Worker, the average salary would be 2,782,600 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 3,395,900 ISK.
  • 15 - 20 Years Experience. An Electrical Worker with 15 to 20 years of experience can earn an average of 3,706,100 ISK.
  • 20+ Years Experience. For an Electrical Worker with more than 20 years, the expected average salary increases to 4,006,500 ISK.

Average Salary by Experience Chart

0-2 Years
1,417,600 ISK
2-5 Years +34%
1,882,700 ISK
5-10 Years +48%
2,782,600 ISK
10-15 Years +22%
3,395,900 ISK
15-20 Years +9%
3,706,100 ISK
20+ Years +8%
4,006,500 ISK

Electrical Worker Salary by Education Level in Iceland

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Electrical Worker in Iceland based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. An Electrical Worker in Iceland with a high school education can earn an average salary of 1,606,100 ISK.

  • Certificate or Diploma. An Electrical Worker in Iceland with a certificate or diploma education can earn an average salary of 2,533,800 ISK.

  • Bachelor's Degree. An Electrical Worker in Iceland with a bachelor's degree education can earn an average salary of 4,235,500 ISK.

Average Salary by Education Chart

High School
1,606,100 ISK
Certificate or Diploma +57%
2,533,800 ISK
Bachelor's Degree +68%
4,235,500 ISK

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Iceland is around 3,440,000 to 10,300,000 ISK and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Electrical Worker Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Iceland, a male electrical worker will earn an average of 2,773,700 ISK, while a female electrical worker will earn around 2,641,300 ISK.

This means that a male electrical worker earns approximately 5% more than a female electrical worker for performing the same job.

Average Salary by Gender Chart in Iceland

Male
2,773,700 ISK
Female -5%
2,641,300 ISK

Electrical Worker Average Pay Raise in Iceland

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Electrical Worker in Iceland is around 4% every 30 months.

The national average pay raise across all professions and industries in Iceland is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 4 ÷ 30 ) × 12  = 2%

What this means is that an Electrical Worker in Iceland can expect to receive an average pay raise of around 2% every 12 months.

Annual Pay Raise by Industry in Iceland for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Iceland.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Electrical Worker Bonus and Incentive Rates in Iceland

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Electrical Worker is a low bonus based job, with 15% of employees reporting at least one bonus in the last 12 months.

85% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 0% to 4%.

Received Bonus
15%
No Bonus
85%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Iceland earn approximately 25% more than private sector employees in the same role.

Public Sector
9,154,500 ISK
Private Sector -25%
7,331,800 ISK

Salaries for Jobs Similar to an Electrical Worker

In the table below, we have salary information for jobs that are similar to an Electrical Worker in Iceland.

Job Title Category Salary
Cable Installer and Locator Electrical and Electronics Trades 2,242,500 ISK
Cable Technician Electrical and Electronics Trades 2,314,800 ISK
Digital Design Engineer Electrical and Electronics Trades 7,655,900 ISK
Electrical Designer Electrical and Electronics Trades 7,150,200 ISK
Electrical Drafter Electrical and Electronics Trades 3,659,400 ISK
Electrical Engineering Manager Electrical and Electronics Trades 10,618,800 ISK
Electrical Maintenance Manager Electrical and Electronics Trades 9,754,300 ISK
Electrical Planner Electrical and Electronics Trades 5,579,400 ISK
Electrical Sales Engineer Electrical and Electronics Trades 7,150,200 ISK
Electrical Sales Representative Electrical and Electronics Trades 4,870,300 ISK
Electrical Service Technician Electrical and Electronics Trades 2,352,500 ISK
Electrical Technician Electrical and Electronics Trades 3,792,300 ISK
Electrician Electrical and Electronics Trades 3,755,300 ISK
Electromechanical Technician Electrical and Electronics Trades 3,817,500 ISK
Electronic Assembler Electrical and Electronics Trades 3,635,200 ISK
Electronic Drafter Electrical and Electronics Trades 3,156,400 ISK
Electronic Engineer Electrical and Electronics Trades 7,045,600 ISK
Electronic Service Engineer Electrical and Electronics Trades 7,030,600 ISK
Electronics Engineer Electrical and Electronics Trades 7,030,600 ISK
Electronics Instructor Electrical and Electronics Trades 7,030,600 ISK
Electronics Technician Electrical and Electronics Trades 3,745,100 ISK
Field Service Engineer Electrical and Electronics Trades 7,416,400 ISK
Field Service Technician Electrical and Electronics Trades 2,748,900 ISK
Hydroelectric Plant Technician Electrical and Electronics Trades 3,481,100 ISK
Hydroelectric Production Manager Electrical and Electronics Trades 9,946,300 ISK
Instrumentation Technician Electrical and Electronics Trades 2,987,000 ISK
Journeyman Electrician Electrical and Electronics Trades 3,455,900 ISK
Maintenance Electrician Electrical and Electronics Trades 2,566,100 ISK
Mechatronics Technician Electrical and Electronics Trades 3,685,200 ISK
Power Equipment Mechanic Electrical and Electronics Trades 2,676,200 ISK
Power Line Technician Electrical and Electronics Trades 2,593,900 ISK
Refrigeration and Airconditioning Mechanic Electrical and Electronics Trades 3,745,100 ISK
Security Service Engineer Electrical and Electronics Trades 7,693,200 ISK
Technical Manager Electrical and Electronics Trades 9,946,300 ISK
Turbine Fitter Electrical and Electronics Trades 2,197,700 ISK
Warehouse Attendant Electrical and Electronics Trades 2,038,500 ISK
Warehouse Manager Electrical and Electronics Trades 9,385,400 ISK
Watch Repairer Electrical and Electronics Trades 2,759,700 ISK

Salary Comparison by City

If you want to compare salaries with different cities in Iceland, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Reykjavik 3,118,900 ISK

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