Oil / Gas / Energy / Mining Average Salaries in Iceland 2023

How much money does a person working in Oil / Gas / Energy / Mining make in Iceland?

Average Monthly Salary

619,000 ISK

( 7,420,000 ISK yearly)

LOW
225,000
ISK AVERAGE
619,000
ISK HIGH
1,430,000
ISK

Salaries for specific jobs

Oil / Gas / Energy / Mining Jobs Pay Scale and Salaries in Iceland

Salary Structure and Pay Scale Comparison

5% of people earn
736,000 ISK or more

10% of people earn
610,000 to 736,000 ISK

20% of people earn
334,000 ISK or less

65% of people earn
334,000 to 610,000 ISK

Minimum Salary 225,000 ISK

Median 582,000 ISK

Maximum 1,430,000 ISK

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

• Salary Range, Minimum Wage, and Starting Salary

  Oil / Gas / Energy / Mining salaries in Iceland range from 225,000 ISK per month (starting average salary) to 1,430,000 ISK per month (maximum average salary, actual maximum is higher). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.

• Median Salary

  The median salary is 582,000 ISK per month, which means that half (50%) of people working in Oil / Gas / Energy / Mining are earning less than 582,000 ISK while the other half are earning more than 582,000 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 and Salary Scale

  Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Oil / Gas / Energy / Mining are earning less than 447,000 ISK while 75% of them are earning more than 447,000 ISK. Also from the diagram, 75% of people working in Oil / Gas / Energy / Mining are earning less than 728,000 ISK while 25% are earning more than 728,000 ISK.

• Pay Scale Structure

  We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 334,000 ISK to 610,000 ISK. Approximatly 20% fall under the 334,000 ISK cap. Ten percent of wages are from 610,000 ISK to 736,000 ISK. Only 5% of people grossed 736,000 ISK or more.

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 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 Comparison By Education

How does the education level affect your salary?

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.

Salary and Compensation Comparison By Gender - Oil / Gas / Energy / Mining

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Iceland who work in Oil / Gas / Energy / Mining earn 5% more than their female counterparts on average.

Salary Comparison By Gender in Iceland for all Careers

Oil / Gas / Energy / Mining Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Oil / Gas / Energy / Mining professionals? How often do employees get salary raises?

Oil / Gas / Energy / Mining

Oil / Gas / Energy / Mining professionals in Iceland are likely to observe a salary increase of approximately 6% every 27 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

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

Oil / Gas / Energy / Mining Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?

Share This Chart

  Tweet      Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/oil-gas-energy-mining/annual-salary-bonus-rate-iceland-oil-gas-energy-mining.jpg

Oil / Gas / Energy / Mining is considered to be a moderate bonus-based field. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

61% of surveyed staff in Oil / Gas / Energy / Mining reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus		39%
No Bonus		61%

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.

Oil / Gas / Energy / Mining Salary Forecast and Trend in Iceland

How do Oil / Gas / Energy / Mining salaries change over time? Listed below is a chart that shows the average salary in recent years.

Oil / Gas / Energy / Mining salaries in Iceland are rising in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 4% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.

Oil / Gas / Energy / Mining Hourly Average Wage in Iceland

3,570 ISK per hour

The average hourly wage (pay per hour) in Iceland is 3,570 ISK. This means that the average person in Iceland earns approximately 3,570 ISK 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 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.

What is the minimum hourly rate of pay?

This minimum pay rate per hour for a person in Iceland is 1,300 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Oil / Gas / Energy / Mining VS Other Jobs

The average salary for Oil / Gas / Energy / Mining is 10% less than that of All Jobs.

Salary Comparison By City

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.

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for Oil / Gas / Energy / Mining in Iceland?

A good and competitive compensation would range anywhere between 582,000 ISK and 728,000 ISK. This is a very rough estimate and your experience and education will play a very huge part into your 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 salart after tax for every career.

Base / Basic Salary

The base salary for Oil / Gas / Energy / Mining in Iceland is ranges from 447,000 ISK to 728,000 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 in a grain of salt.