Taxi Driver Average Salary in Iceland 2023
How much money does a Taxi Driver make in Iceland?
LOW
95,500
ISK AVERAGE
208,000
ISK HIGH
330,000
ISK
A person working as a Taxi Driver in Iceland typically earns around 208,000 ISK per month. Salaries range from 95,500 ISK (lowest) to 330,000 ISK (highest).
This is the average monthly salary including housing, transport, and other benefits. Taxi Driver salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Taxi Driver Salary Distribution in Iceland
The median, the maximum, the minimum, and the range
Salary Range
Taxi Driver salaries in Iceland range from 95,500 ISK per month (minimum salary) to 330,000 ISK per month (maximum salary).
Median Salary
The median salary is 224,000 ISK per month, which means that half (50%) of people working as Taxi Driver(s) are earning less than 224,000 ISK while the other half are earning more than 224,000 ISK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Taxi Driver(s) are earning less than 144,000 ISK while 75% of them are earning more than 144,000 ISK. Also from the diagram, 75% of Taxi Driver(s) are earning less than 299,000 ISK while 25% are earning more than 299,000 ISK.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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
Taxi Driver Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Taxi Driver salaries by experience level and this is what we found.
A Taxi Driver with less than two years of experience makes approximately 108,000 ISK per month.
While someone with an experience level between two and five years is expected to earn 145,000 ISK per month, 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 per month, 48% more than someone with two to five years of experience.
Additionally, Taxi Driver(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 261,000 ISK per month, 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 per month, 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 per month, 8% more than people with fifteen to twenty years of experience.
Taxi Driver average salary change by experience in Iceland
| 0 - 2 Years | 108,000 ISK | |
| 2 - 5 Years | +34% | 145,000 ISK |
| 5 - 10 Years | +48% | 214,000 ISK |
| 10 - 15 Years | +22% | 261,000 ISK |
| 15 - 20 Years | +9% | 284,000 ISK |
| 20+ Years | +8% | 308,000 ISK |
Typical Salary Progress for Most Careers
Taxi Driver Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Taxi Driver(s) who have the same experience but different education levels.
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 Taxi Driver salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Taxi Driver is 124,000 ISK per month.
While someone with a Certificate or Diploma gets a salary of 194,000 ISK per month, 57% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 325,000 ISK per month, 68% more than someone with a Certificate or Diploma.
Taxi Driver average salary difference by education level in Iceland
| High School | 124,000 ISK | |
| Certificate or Diploma | +57% | 194,000 ISK |
| Bachelor's Degree | +68% | 325,000 ISK |
Typical Salary Difference by Education for Most Careers
Taxi Driver Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Taxi Driver employees in Iceland earn 5% more than their female counterparts on average.
| Male | 212,000 ISK | |
| Female | -4% | 203,000 ISK |
Salary Comparison By Gender in Iceland for all Careers
Taxi Driver Average Annual Salary Increment Percentage in Iceland
How much are annual salary increments in Iceland for Taxi Driver(s)? How often do employees get salary raises?
Taxi Driver
Taxi Driver(s) 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.
Iceland / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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
Annual Increment Rate By Industry 2022
| Banking | 9% | |
| Energy | 9% | |
| Information Technology | 9% | |
| Healthcare | 9% | |
| Travel | 9% | |
| Construction | 9% | |
| Education | 9% |
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.
Worldwide Salary Raises: All Countries and All Jobs
Taxi Driver Bonus and Incentive Rates in Iceland
How much and how often are bonuses being awarded?
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A Taxi Driver is considered to be a low bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
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.
| Received Bonus | 15% | |
| No Bonus | 85% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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?
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. |
Example: | Example: |
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.
Taxi Driver Average Hourly Wage in Iceland
1,200 ISK per hourThe average hourly wage (pay per hour) in Iceland is 1,200 ISK. This means that the average Taxi Driver in Iceland earns approximately 1,200 ISK for every worked hour.
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 fix 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.
Taxi Driver VS Other Jobs
The average salary for Taxi Driver is 23% less than that of Courier / Delivery / Transport / Drivers. Also, Courier / Delivery / Transport / Drivers salaries are 61% less than those of All Jobs.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Bus Driver | 210,000 ISK |  +1% |
| CDL Driver | 243,000 ISK | +17% |
| CDL Truck Driver | 241,000 ISK | +16% |
| Chauffeur | 249,000 ISK | +20% |
| 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% |
| Dispatcher | 179,000 ISK | -14% |
| Driver | 198,000 ISK | -5% |
| 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% |
Salary Comparison By City
| City | Average Salary |
| Reykjavik | 230,000 ISK |
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Iceland earn 25% more than their private sector counterparts on average across all sectors.
| Private Sector | 611,000 ISK | |
| Public Sector | +25% | 763,000 ISK |
