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Bankers Enjoy Big Pay Rise

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Bankers Enjoy Big Pay Rise

Money - Icelandic Króna

Photo: Páll Kjartansson

Tax figures for 2014 extrapolated by the business magazine Frjáls Verslun, owned by Iceland Review publisher Heimur hf, show that the average salary of the CEOs of Iceland’s 200 biggest companies is around ISK 2.6 million (EUR 17,580/USD 19,195) per month.

The remuneration enjoyed by second-in-commands at Iceland’s biggest companies was, on the other hand, very close to their bosses, on ISK 2.2 million a month (EUR 14,875/USD 16,242).

Of the 450 CEOs the magazine’s figures covered, 75 were women. The average salary among all 450 CEOs was ISK 1.445 million per month, compared to ISK 2.6 million for just the top 200.

The four highest-earning ‘seconds-in-command’ skewed the figure so much that they were taken out before the average was calculated – and the same is true of the two highest-earning CEOs.

The country’s top-earning fishermen earned ISK 400,000 (EUR 2,704/USD 2,953) less per month in 2014 than they did in 2013.

For the first time this year, Frjáls Verslun included a category for the country’s top-earning nurses, in light of their ongoing wage dispute. Many nurses on the list were in management roles and their average salary was ISK 791,000 (EUR 5,348/USD 5,839) a month.

Financial services workers saw among the highest year-on-year pay increase, with the top-earning 200 financiers increasing their monthly wages from ISK 1.9 million (EUR 12,847/USD 14,027) to ISK 2.1 million (EUR 14,199/USD 15,503) between years.

The annual Incomes issue of Frjáls Verslun includes income details of 3,700 of Iceland’s highest earners, and figures do not include capital gains along the lines of property sales or dividends on investments.

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