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Government CEO Wage Hikes Outstrip Average Fourfold

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Government CEO Wage Hikes Outstrip Average Fourfold

Landsbankinn CEO Lilja Björk Einarsdóttir

Lilja Björk Einarsdóttir, CEO of Landsbankinn bank. Photo: Golli.

CEOs of three government-owned companies have enjoyed four times the wage hikes of the average Icelander in recent years, Kjarninn reports. At government-owned companies Landsbankinn, Isavia, and Landsvirkjun, CEO wages have increased four times that of the general wage index in Iceland between 2014-2017.

At Isavia, the CEO’s wages increased by 65%, or from ISK 1.44 million ($13 500/€11 600) to ISK 2.38 million ($22 300/€19 200) per month. At Landsvirkjun, the CEO’s salary increased by 95%, or from ISK 1.69 million ($15 800/€13 600) to ISK 3.29 million ($30 800/€26 500) per month. The greatest increase was, however, with Landsbankinn, where the CEO's monthly salary increased by 105%, from ISK 1.58 million ($14 800/€12 700) to ISK 3.25 million ($30 500/€26 200).

By comparison, the wage index of Statistics Iceland rose by 22.5% over the period from 2014 to July 2017. The wage increase of the three CEOs is, on average, four times higher than general wage developments for the last four years.

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