Doctor / Physician Average Salaries in Iceland 2024

How much money does a person working in Doctor / Physician make in Iceland?

Average Monthly Salary

1,580,000 ISK

( 19,000,000 ISK yearly)

LOW
593,000
ISK AVERAGE
1,580,000
ISK HIGH
2,730,000
ISK

Salaries for specific jobs

Doctor / Physician Jobs Pay Scale and Salaries in Iceland

Salary Structure and Pay Scale Comparison

5% of people earn
1,500,000 ISK or more

10% of people earn
1,280,000 to 1,500,000 ISK

20% of people earn
794,000 ISK or less

65% of people earn
794,000 to 1,280,000 ISK

Minimum Salary 593,000 ISK

Median 1,490,000 ISK

Maximum 2,730,000 ISK

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

• Salary Range, Minimum Wage, and Starting Salary

  Salaries in Doctor / Physician in Iceland range from 593,000 ISK (starting average salary) to 2,730,000 ISK (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

• Median Salary

  The median income in the field of Doctor / Physician is 1,490,000 ISK, implying that half of the workforce in Iceland earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

• Percentiles and Salary Scale

  Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Doctor / Physician in Iceland earn less than 1,150,000 ISK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 1,770,000 ISK, while 25% earn more than that.

• Pay Scale Structure

  Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Doctor / Physician in Iceland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 794,000 ISK to 1,280,000 ISK. Approximately 20% of salaries were below the 794,000 ISK mark, while 10% ranged from 1,280,000 ISK to 1,500,000 ISK. Only 5% of individuals earned a gross salary of 1,500,000 ISK or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Doctor / Physician in Iceland having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

Salary and Compensation Comparison By Gender / Doctor / Physician / Iceland

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Doctor / Physician in Iceland, the average difference between the salary of male and female employees is 5%.

Salary Comparison By Gender in Iceland for all Careers

Average Annual Salary Increment Percentage / Doctor / Physician / Iceland

How much are annual salary increments in Iceland for individuals working in Doctor / Physician? How often do employees get salary raises?

Professionals working in Doctor / Physician in Iceland are likely to observe a salary increase of approximately 8% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Iceland / All Professions

The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

Worldwide Salary Raises: All Countries and All Jobs

Bonus and Incentive Rates / Doctor / Physician / Iceland

How much and how often are bonuses being awarded?

Share This Chart

  Tweet      Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/health-and-medical/doctor-physician/annual-salary-bonus-rate-iceland-doctor-physician.jpg

36% of surveyed staff in Doctor / Physician reported that they haven't received any bonuses or incentives in the previous year while 64% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus		64%
No Bonus		36%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.

What makes a position worthy of good bonuses and a high salary?

Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Doctor / Physician / Iceland

9,140 ISK per hour

The average hourly wage (pay per hour) in Doctor / Physician in Iceland is 9,140 ISK.This is the rate they get paid for every worked hour.

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Doctor / Physician in Iceland is 3,420 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Iceland is 25% on average across all career fields.

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Doctor / Physician in Iceland?

A good and competitive compensation would range anywhere between 1,490,000 ISK and 1,770,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Doctor / Physician in Iceland ranges from 593,000 ISK to 1,150,000 ISK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.