Sailors Earn More, Bosses Less Skip to content

Sailors Earn More, Bosses Less

On Monday Icelanders got a notice for the taxman on their taxes for 2010. All taxes of every individual are official. From the municipal tax, which is flat, it is possible to calculate the wages of every individual.

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The cover of Frjáls verslun with information on the wages of about 3.000 individuals

Frjáls verslun, a sister publication of Iceland review, has published a special issue with information on the wages of 3.000 individuals. The issue, which sells like hotcakes, reveals that for the second year in a row the wages of CEOs of companies and banks have gone down. The average wage of the 200 highest paid CEOs is now 10% less than in 2009, 2.0 million ISK/month vs. 2.2 million in 2009. The bankers have feared worse, from 2.0 million ISK in 2009 to 1.5 million in 2010. (1.0 million ISK is 8.700 USD, 6.000 €)

Not all wages have diminished, however. The wages of the ten highest paid fishermen on the list have gone up on the average from 2.8 million ISK to 3.2 million ISK per month. The reason for this is high fish price (fishermen get a share of the worth of the catch) and a weak Icelandic currency.

The Prime Minister got 1.160 thousand ISK per month (10 thousand USD, 7 thousand €) and the president got 1.562 thousand per month (14 thousand USD, 9.400 €).

Former Prime Minster and Governor of the Central bank, Davíd Oddsson, got much more or 3.2 million ISK per month (28 thousand USD/month, 19 thousand €/month). Oddsson is now editor of Morgunbladid, the nations second biggest daily newspaper.

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