The December bonus is a fixed amount; vacation time is not calculated on top of the December bonus.
SA – Confederation of Icelandic Employers – The general labour market (private companies) ISK 89,000
Employees who are employed during the first week of December or who have held consecutive employment with the same employer for 12 weeks over the last 12 months are entitled to a bonus no later than 15 December. A full year’s employment is 45 weeks or 1,800 hours during the period between 1 January and 31 December.
Reykjavík City ISK 97,100 and the state/nursing homes ISK 89,000
Those who are employed in the first week of November or have worked 13 consecutive weeks during the year are to be paid a December bonus on 1 December each year. A full bonus is paid for full employment during the period between 1 January and 31 October.
Municipalities ISK 113,000
Those who have been employed from 1 September are to be paid a December bonus on 1 December each year. A full bonus is paid for full employment during the period between 1 January and 30 November.
Those who retire during the year are entitled to a December bonus if they have been employed for 6 consecutive months. The payment is based on the time worked and employment proportion and is based on the period between 1 January and 31 December.
December bonuses are paid based on employment proportion and time worked.
December bonuses are to be settled on termination of employment.