December bonus in the private sector

The December bonus is paid no later than 15 December each year.

Those who have been employed full-time during 1 January – 31 December each year, are entitled to the full December bonus. Alternatively, the bonus is paid in proportion to the employment proportion and length of work. The December bonus is a fixed amount; vacation time is not calculated on top of the December bonus.

A full year’s employment is 45 weeks minus vacation. Employees who have held consecutive employment with the same employer for 12 weeks over the last 12 months or are employed during the first week of December are entitled to a bonus.

December bonuses are to be settled on termination of employment.

After one year working for the same employer, absence for statutory maternal/paternal leave is considered working time when calculating December bonus.

December bonus for 2020, was ISK 94.000

December bonus for 2021, is ISK 96.000

December bonus for 2022, is ISK 98.000

December bonus for 2023, is ISK 103.000