Compliantly hire your distributed team members in
Iceland
To hire new employees in
Iceland
, your business must have a local legal entity or an Employer of Record like Borderless in place already. Then there’s the management of local employment compliance, taxes, benefits, payroll, and more. Hiring contractors poses similar challenges.
Borderless handles all of that for you, so you can focus on getting to work with your new team member in
Iceland
while staying fully compliant with local laws and compliance.
Icelandic
Icelandic krona (kr, ISK)
Monthly
14 days
22.07%
$$$$ (8 of 140, 2023)
24 days
24 days
6 months
In many countries like
Iceland
, the treatment of employees and contractors is different. If you misclassify a new team member, you could be subjected to penalties and fines. Let Borderless get this right for you, so you don’t have to worry.
There is no minimum wage in Iceland.
Standard working hours are 8 hours per day, 40 hours per week. The standard workweek is from Monday to Friday. Overtime is defined as any time worked beyond the normal working day. Employees can work a maximum of 162.5 hours of overtime a month. Employees are compensated for overtime as follows:
Overtime payment is not mandatory for managerial roles in Iceland.
There is no additional pay detail for Iceland.
For Borderless customers, all employee payments will be made in equal monthly installments on or before the last working day of each calendar month, payable in arrears.
Contracts with employees may be canceled at any time with sufficient notice. Employers are not compelled to provide an employee a particular reason for being let go.
The minimum notice period is 7 days and will be increased according to the length of the employment.
Probations periods are typically capped at three months into the new job.
Severance compensation is not required by law, although unions may bargain for a mutual rate that applies to their members.
When the world is your competition, it pays to incentivize new hires and existing alike. Borderless benefits packages typically include:
Book your demo of Borderless to help you hire, pay, and take care of new employees and contractors in 170+ countries.
