From Iceland — President's Salary Increases By About 300,000 ISK Since Bank Crash

President’s Salary Increases By About 300,000 ISK Since Bank Crash

Published May 10, 2015

Andie Sophia Fontaine
Photo by
Kris Krug

The Icelandic president’s salary has increased since the bank crash by the same amount many workers are now striking to receive as a monthly wage.

DV reports that from January 2009, shortly after Iceland’s banking system collapsed, to February 2014, the monthly salary of President Ólafur Ragnar Grímsson has increased by 16%, from about 1.8 million ISK to about 2.1 million ISK. He has reportedly never objected to any change in his salary.

At the same time, Vísir reports, Prime Minister Sigmundur Davíð Gunnlaugsson’s salary – while raising by a much higher percentage – is still a little more than half that of the president’s. Sigmundur’s monthly pay, during this period, went from about 935,000 ISK to 1.3 million ISK, marking an increase of about 36%.

In both cases, salaries increased by around 300,000 ISK. As reported, the Federation of General and Special Workers in Iceland (SGS) wants to raise the minimum wage for their workers to this amount over the next three years – a proposal the vast majority of Icelanders, according to a recent Gallup poll, support.

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