A person working as Taxi Driver in Iceland typically earns around 208,000 ISK. Salaries range from 95,500 ISK (lowest) to 330,000 ISK (highest).
This is the average salary including housing, transport, and other benefits. Taxi Driver salaries in Iceland vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Salaries for the position Taxi Driver in Iceland range from 95,500 ISK (starting salary) to 330,000 ISK (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
With a median salary of 198,000 ISK, half of the professionals who work as Taxi Driver in Iceland earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Taxi Driver in Iceland earn less than 160,000 ISK, while 75% earn more. Similarly, the chart shows that 75% earn less than 229,000 ISK while 25% earn more.
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Taxi Driver in Iceland compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 119,000 ISK to 172,000 ISK. About 20% of salaries are below the 119,000 ISK mark, while 10% fall within the range of 172,000 ISK to 197,000 ISK. Only 5% of individuals have salaries exceeding 197,000 ISK.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Taxi Driver and this is what we found.
Employees with less than two years of experience earn approximately 108,000 ISK.
While someone with an experience level between two and five years is expected to earn 145,000 ISK, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 214,000 ISK, 48% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 261,000 ISK, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 284,000 ISK, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 308,000 ISK, 8% more than people with fifteen to twenty years of experience.
|Certificate or Diploma||+57%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Taxi Driver in order to make a comparison.
Employees at this education level have an average salary of 124,000 ISK.
At this level, the average salary becomes 194,000 ISK, 57% more than the previous level.
At this level, the average salary becomes 325,000 ISK, 68% more than the previous level.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Taxi Driver in Iceland, the average difference between the salary of male and female employees is 5%.
Individuals working as Taxi Driver in Iceland are likely to observe a salary increase of approximately 3% every 31 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
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.
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
Listed above are the average annual increase rates for each industry in Iceland for the year 2022. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
85% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 15% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
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.
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.
|Average Salary 2019|
|Average Salary 2020||+4%|
|Average Salary 2021||+4%|
|Average Salary 2022||+4%|
Salaries for individuals working as Taxi Driver in Iceland are on the rise in the year 2023 based on recently submitted salaries and reports. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from one industry to another.
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.
The minimum pay rate per hour for people working as Taxi Driver in Iceland is 550 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
|Job Title||Average Salary|
|Bus Driver||210,000 ISK||+1%|
|CDL Driver||243,000 ISK||+17%|
|CDL Truck Driver||241,000 ISK||+16%|
|Courier Coordinator||308,000 ISK||+48%|
|Courier Sales Manager||472,000 ISK||+130%|
|Deck Officer||223,000 ISK||+7%|
|Delivery Driver||189,000 ISK||-9%|
|Delivery Specialist||253,000 ISK||+22%|
|Delivery Supervisor||288,000 ISK||+39%|
|Driving Instructor||258,000 ISK||+24%|
|Goods Receiving Expediter||205,000 ISK||-1%|
|Limousine Driver||250,000 ISK||+20%|
|Parking Inspector||243,000 ISK||+17%|
|School Bus Driver||227,000 ISK||+9%|
|Shuttle Driver||203,000 ISK||-2%|
|Taxi Driver||208,000 ISK||+0%|
|Third Officer||190,000 ISK||-8%|
|Train Driver||222,000 ISK||+7%|
|Tram Driver||215,000 ISK||+4%|
|Transport Officer||195,000 ISK||-6%|
|Transportation and Shipping Supervisor||306,000 ISK||+47%|
|Transportation Manager||817,000 ISK||+290%|
|Truck Driver||207,000 ISK||-0%|
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.
A good and competitive compensation would range anywhere between 198,000 ISK and 229,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
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.
The base salary for a careers like Taxi Driver in Iceland ranges from 160,000 ISK to 229,000 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.
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
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