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Laboratory Technician Average Salary in Iceland 2020

How much money does a Laboratory Technician make in Iceland?


Average Monthly Salary
475,000 ISK
( 5,690,000 ISK yearly)

LOW
218,000
ISK
AVERAGE
475,000
ISK
HIGH
755,000
ISK

A person working as a Laboratory Technician in Iceland typically earns around 475,000 ISK per month. Salaries range from 218,000 ISK (lowest) to 755,000 ISK (highest).

This is the average monthly salary including housing, transport, and other benefits. Laboratory Technician salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Laboratory Technician Salary Distribution in Iceland

Median and salary distribution monthly Iceland Laboratory Technician
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The median, the maximum, the minimum, and the range

  • Salary Range

    Laboratory Technician salaries in Iceland range from 218,000 ISK per month (minimum salary) to 755,000 ISK per month (maximum salary).

  • Median Salary

    The median salary is 513,000 ISK per month, which means that half (50%) of people working as Laboratory Technician(s) are earning less than 513,000 ISK while the other half are earning more than 513,000 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 Laboratory Technician(s) are earning less than 329,000 ISK while 75% of them are earning more than 329,000 ISK. Also from the diagram, 75% of Laboratory Technician(s) are earning less than 684,000 ISK while 25% are earning more than 684,000 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

Laboratory Technician Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Laboratory Technician
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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 Laboratory Technician salaries by experience level and this is what we found.

A Laboratory Technician with less than two years of experience makes approximately 248,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 331,000 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 489,000 ISK per month, 48% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Laboratory Technician(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 596,000 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 650,000 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 704,000 ISK per month, 8% more than people with fifteen to twenty years of experience.


Laboratory Technician average salary change by experience in Iceland

0 - 2 Years
248,000 ISK
2 - 5 Years+34%
331,000 ISK
5 - 10 Years+48%
489,000 ISK
10 - 15 Years+22%
596,000 ISK
15 - 20 Years+9%
650,000 ISK
20+ Years+8%
704,000 ISK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Laboratory Technician Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Laboratory Technician(s) who have the same experience but different education levels.

Salary comparison by education level monthly Iceland Laboratory Technician
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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 Laboratory Technician salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Laboratory Technician is 288,000 ISK per month.

While someone with a Master's Degree gets a salary of 556,000 ISK per month, 93% more than someone having a Bachelor's Degree degree.


Laboratory Technician average salary difference by education level in Iceland

Bachelor's Degree
288,000 ISK
Master's Degree+93%
556,000 ISK
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Iceland costs anywhere from 3,440,000 Iceland Krona(s) to 10,300,000 Iceland Krona(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Laboratory Technician Salary Comparison By Gender

Salary comparison by gender monthly Iceland Laboratory Technician
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Laboratory Technician employees in Iceland earn 5% more than their female counterparts on average.

Male
485,000 ISK
Female-4%
464,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Iceland for all Careers

Salary comparison by gender monthly Iceland
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Laboratory Technician Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Laboratory Technician(s)? How often do employees get salary raises?

Laboratory Technician

Laboratory Technician(s) in Iceland are likely to observe a salary increase of approximately 5% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Laboratory Technician
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

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

The average salary increase in one year (12 months) in Iceland is 2%.

Annual Increment Rate By Industry 2019

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 2019. 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

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Laboratory Technician Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Laboratory Technician
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A Laboratory Technician 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.

84% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 16% 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
16%
No Bonus
84%

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?

The main two types of jobs

Revenue GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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.

Laboratory Technician Average Hourly Wage in Iceland


2,740 ISK per hour

The average hourly wage (pay per hour) in Iceland is 2,740 ISK. This means that the average Laboratory Technician in Iceland earns approximately 2,740 ISK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Laboratory Technician VS Other Jobs

Salary Comparison Between Laboratory Technician and Health and Medical monthly Iceland
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The average salary for Laboratory Technician is 45% less than that of Healthcare Technical. Also, Healthcare Technical salaries are 17% less than those of Health and Medical.

Salary comparison with similar jobs

Job TitleAverage Salary
Academic Clinician1,300,000 ISK+170%
Admitting Officer483,000 ISK+2%
Ambulance Dispatcher482,000 ISK+2%
Ambulance Driver443,000 ISK-7%
Ambulance Officer and Paramedic520,000 ISK+10%
Ambulatory Services Director960,000 ISK+100%
Anatomic Pathology Supervisor1,090,000 ISK+130%
Anesthesia Technician690,000 ISK+45%
Anesthesiologist1,970,000 ISK+320%
Anesthesiology Assistant678,000 ISK+43%
Assistant Optometrist549,000 ISK+16%
Audiologist1,170,000 ISK+150%
Biomedical Engineering Director881,000 ISK+86%
Biomedical Engineering Technician462,000 ISK-3%
Cardiac Technician446,000 ISK-6%
Cardiovascular Specialist2,480,000 ISK+420%
Cardiovascular Technologist941,000 ISK+98%
Central Sterile Processing Technician542,000 ISK+14%
Charge Entry Specialist596,000 ISK+26%
Clinical Application Specialist630,000 ISK+33%
Clinical Biochemist1,080,000 ISK+130%
Clinical Cytogeneticist923,000 ISK+94%
Clinical Data Reviewer629,000 ISK+33%
Clinical Development Specialist785,000 ISK+65%
Clinical Field Associate628,000 ISK+32%
Clinical Genetic Technologist992,000 ISK+110%
Clinical Microbiologist1,210,000 ISK+150%
Clinical Molecular Geneticist1,010,000 ISK+110%
Clinical Neuropsychologist1,380,000 ISK+190%
Clinical Research Coordinator728,000 ISK+53%
Clinical Scientist1,240,000 ISK+160%
CME Specialist1,060,000 ISK+120%
CT Technologist590,000 ISK+24%
Cytogenetic Technologist879,000 ISK+85%
Diagnostic Medical Sonographer708,000 ISK+49%
Dispensing Optician579,000 ISK+22%
Dosimetrist836,000 ISK+76%
EKG Technician579,000 ISK+22%
Endoscopic Assistant543,000 ISK+14%
Endoscopy Technician509,000 ISK+7%
Enterostomal Therapist820,000 ISK+73%
Epidemiologist1,070,000 ISK+130%
FGP Ultrasound Techncian531,000 ISK+12%
Health Systems Specialist788,000 ISK+66%
Health Technologist883,000 ISK+86%
Healthcare Data Analyst626,000 ISK+32%
Hearing Aid Specialist684,000 ISK+44%
Histotechnologist793,000 ISK+67%
Immunologist1,200,000 ISK+150%
Industrial Hygienist809,000 ISK+70%
Infection Control Coordinator590,000 ISK+24%
Infection Control Practitioner1,340,000 ISK+180%
Infection Preventionist965,000 ISK+100%
Informatics Practice Specialist728,000 ISK+53%
Interventional Radiographer1,030,000 ISK+120%
Lab Assistant505,000 ISK+6%
Laboratory Manager903,000 ISK+90%
Laboratory Technician475,000 ISK+0%
Low Vision Therapist1,160,000 ISK+140%
Mammography Technician481,000 ISK+1%
Medical Coder452,000 ISK-5%
Medical Courier353,000 ISK-26%
Medical Equipment Preparer529,000 ISK+11%
Medical Forms Designer442,000 ISK-7%
Medical Technologist574,000 ISK+21%
MRI Technologist497,000 ISK+5%
Music Therapist732,000 ISK+54%
Neonatologist1,410,000 ISK+200%
Neurodiagnostic Techncian526,000 ISK+11%
Neuropsychology Testing Assistant467,000 ISK-2%
Nuclear Medical Technician690,000 ISK+45%
Nuclear Medicine Technolgoist715,000 ISK+51%
Nutrition Assistant506,000 ISK+7%
Occupaitional Therapy Assistant533,000 ISK+12%
Operating Room Scheduler456,000 ISK-4%
Operating Room Services Director1,410,000 ISK+200%
Ophthalmic Assistant536,000 ISK+13%
Ophthalmic Laboratory Technician536,000 ISK+13%
Optician1,100,000 ISK+130%
Orthopedic Technician526,000 ISK+11%
Orthoptist1,430,000 ISK+200%
Orthotist1,430,000 ISK+200%
Pathology Assistant494,000 ISK+4%
Perfusionist1,580,000 ISK+230%
Phlebotomist403,000 ISK-15%
Pre Authorization Case Manager766,000 ISK+61%
Prosthetist1,260,000 ISK+170%
Radiation Therapist1,720,000 ISK+260%
Radiation Therapy Technologist739,000 ISK+56%
Radiographer1,140,000 ISK+140%
Radiography Technologist738,000 ISK+56%
Radiologic Technologist762,000 ISK+61%
Radiology Technologist710,000 ISK+50%
Respiratory Care Practitioner1,360,000 ISK+190%
Respiratory Therapist1,060,000 ISK+120%
Respiratory Therapy Technician599,000 ISK+26%
Sonographer763,000 ISK+61%
Sonography Technologist708,000 ISK+49%
Speech and Language Pathologist1,060,000 ISK+120%
Ultrasonographer610,000 ISK+29%
Ultrasound Technologist540,000 ISK+14%
Vascular Technologist515,000 ISK+9%
X-Ray Technologist743,000 ISK+57%

Salary Comparison By City

CityAverage Salary
Reykjavik525,000 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
Percentage increase and decrease are relative to the previous value

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