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Factory and Manufacturing Average Salaries in Iceland 2024

How much money does a person working in Factory and Manufacturing make in Iceland?

Average Monthly Salary
479,000 ISK
( 5,750,000 ISK yearly)

All salary figures displayed here are per month except when noted otherwise.
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.

A person working in Factory and Manufacturing in Iceland typically earns around 479,000 ISK. Salaries range from 174,000 ISK (lowest average) to 1,180,000 ISK (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Factory and Manufacturing domain in Iceland exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Factory and Manufacturing
3D Printing Technician416,000 ISK
Additive Manufacturing Engineer528,000 ISK
Assembly Foreman175,000 ISK
Assembly Line Worker167,000 ISK
Assembly Supervisor265,000 ISK
Assistance Maintenance Manager656,000 ISK
Assistant Shipping Manager611,000 ISK
Automation Process Analyst445,000 ISK
Chemical Equipment Controller414,000 ISK
Chemical Technican Apprentice347,000 ISK
CNC Machinist419,000 ISK
CNC Operator399,000 ISK
CNC Programmer425,000 ISK
Colour Technologist215,000 ISK
Contracts Manager769,000 ISK
Data Collection Coordinator289,000 ISK
Demand Planner278,000 ISK
Derrick Operator180,000 ISK
Digital Twin Engineer543,000 ISK
Director of Manufacturing1,090,000 ISK
Dock Worker169,000 ISK
Drying Technician171,000 ISK
Equipment Operator164,000 ISK
Export Sales Coordinator562,000 ISK
Factory Superintendent293,000 ISK
Factory Worker197,000 ISK
Failure Analysis Technician285,000 ISK
Fiberglass Laminator191,000 ISK
Food Technologist347,000 ISK
Forklift Driver179,000 ISK
Forklift Operator182,000 ISK
Forming Machine Operator192,000 ISK
Furnace Operator176,000 ISK
Gas Appliance Repairer180,000 ISK
General Warehouse Associate299,000 ISK
Green Product Designer535,000 ISK
Heavy Equipment Operator231,000 ISK
HSE Manager811,000 ISK
Industrial Cybersecurity Specialist575,000 ISK
Industrial Engineer576,000 ISK
Industrial Machinery Mechanic375,000 ISK
Industrial Production Manager1,070,000 ISK
Industrial Safety and Health Engineer582,000 ISK
Intake Operator244,000 ISK
Key Account Manager873,000 ISK
Lean Manufacturing Specialist606,000 ISK
Lift Truck Operator188,000 ISK
Loading Supervisor334,000 ISK
Logistic Coordinator471,000 ISK
Logistics Clerk217,000 ISK
Machine Operator182,000 ISK
Machinist185,000 ISK
Maintenance Manager727,000 ISK
Maintenance Store Clerk196,000 ISK
Manufacturing Engineer557,000 ISK
Manufacturing Engineering Manager866,000 ISK
Manufacturing Engineering Technologist687,000 ISK
Manufacturing Manager971,000 ISK
Manufacturing Operative324,000 ISK
Manufacturing Production Technician244,000 ISK
Manufacturing Supervisor517,000 ISK
Manufacturing Technician211,000 ISK
Materials Manager813,000 ISK
Materials Supervisor499,000 ISK
Mechanical Fitter Engineer569,000 ISK
Mechanical Foreman173,000 ISK
Merchandise Planner326,000 ISK
Metrology Engineer562,000 ISK
Operations Engineer544,000 ISK
Operations Manager889,000 ISK
Order Management Coordinator450,000 ISK
Order Processing Manager757,000 ISK
Order Selector224,000 ISK
Package Handler175,000 ISK
Packaging Manager578,000 ISK
Packer184,000 ISK
Packing Deputy Supervisor458,000 ISK
Planning Manager856,000 ISK
Plant Manager993,000 ISK
Precision Instrument Repairer291,000 ISK
Predictive Maintenance Analyst541,000 ISK
Process Technician228,000 ISK
Product Manager926,000 ISK
Production Analyst793,000 ISK
Production Director1,090,000 ISK
Production Engineer578,000 ISK
Production Engineering Supervisor845,000 ISK
Production Inspector656,000 ISK
Production Laborer171,000 ISK
Production Manager1,030,000 ISK
Production Operator246,000 ISK
Production Scheduler433,000 ISK
Production Supervisor565,000 ISK
Production Technician245,000 ISK
Production Worker228,000 ISK
Quality Control Analyst731,000 ISK
Quality Control Inspector589,000 ISK
Quality Control Manager815,000 ISK
Service Technician236,000 ISK
SHEQ Officer285,000 ISK
Shipping Manager915,000 ISK
Small Engine Mechanic310,000 ISK
Smart Factory Consultant699,000 ISK
Spray Painter183,000 ISK
Sterile Processing Technician223,000 ISK
Structural Welder172,000 ISK
Supply Chain Operative533,000 ISK
Sustainable Manufacturing Specialist794,000 ISK
Technical Operator243,000 ISK
Technology Development Manager1,010,000 ISK
Testing Technician402,000 ISK
Toolmaker284,000 ISK
Warehouse Forklift Operator192,000 ISK
Warehouse Operative205,000 ISK
Warehouse Worker205,000 ISK
Warranty Handler349,000 ISK
Welder172,000 ISK
Workshop Manager673,000 ISK

Factory and Manufacturing Jobs Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Factory and Manufacturing monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
597,000 ISK or more
10% of people earn
493,000 to 597,000 ISK
20% of people earn
264,000 ISK or less
65% of people earn
264,000 to 493,000 ISK
Minimum Salary

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

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Factory and Manufacturing in Iceland range from 174,000 ISK (starting average salary) to 1,180,000 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 Factory and Manufacturing is 451,000 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 Factory and Manufacturing in Iceland earn less than 346,000 ISK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 571,000 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 Factory and Manufacturing in Iceland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 264,000 ISK to 493,000 ISK. Approximately 20% of salaries were below the 264,000 ISK mark, while 10% ranged from 493,000 ISK to 597,000 ISK. Only 5% of individuals earned a gross salary of 597,000 ISK or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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 Factory and Manufacturing 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.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 degree levels across many jobs in Factory and Manufacturing in Iceland, 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 certificate 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.

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 3,450,000 ISK to 10,300,000 ISK and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.

Salary and Compensation Comparison By Gender / Factory and Manufacturing / Iceland

Salary comparison by gender Iceland Factory and Manufacturing monthly
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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? In the field of Factory and Manufacturing in Iceland, the average difference between the salary of male and female employees is 5%.

490,000 ISK
469,000 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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Average Annual Salary Increment Percentage / Factory and Manufacturing / Iceland

How much are annual salary increments in Iceland for individuals working in Factory and Manufacturing? How often do employees get salary raises?

Professionals working in Factory and Manufacturing in Iceland are likely to observe a salary increase of approximately 4% 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 Factory and Manufacturing
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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

Annual Salary Increment Rate Iceland
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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

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

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

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.

Bonus and Incentive Rates / Factory and Manufacturing / Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Factory and Manufacturing
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86% of surveyed staff in Factory and Manufacturing reported that they haven't received any bonuses or incentives in the previous year while 14% 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
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Hourly Average Wage / Factory and Manufacturing / Iceland

2,770 ISK per hour

The average hourly wage (pay per hour) in Factory and Manufacturing in Iceland is 2,770 ISK.This is the rate they get paid for every worked hour.

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

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 Factory and Manufacturing in Iceland is 1,000 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

CityAverage Salary
Reykjavik506,000 ISK

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.

Private Sector
614,000 ISK
Public Sector+25%
765,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Factory and Manufacturing in Iceland?

A good and competitive compensation would range anywhere between 451,000 ISK and 571,000 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 Factory and Manufacturing in Iceland ranges from 174,000 ISK to 346,000 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.

What is the difference between the median and the average salary?

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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