The bonus is paid on 1 June each year.
Those who have been employed full-time during the vacation year, 1 May – 30 April each year, are entitled to the full holiday bonus. Alternatively, the bonus is paid in proportion to the employment proportion and length of work. The holiday bonus is a fixed amount; holiday allowance is not added.
A full year’s employment is 45 weeks minus vacation or 1800 hours. Employees who have held consecutive employment with the same employer for 12 weeks over the last 12 months (as of 30 April) or are employed during the first week of May are entitled to a bonus.
Holiday 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 holiday pay bonus.
Holiday bonus for 2020 was ISK 51.000
Holiday bonus for 2021 is ISK 52.000
Holiday bonus for 2022, is ISK 53.000
Holiday bonus for 2023, is ISK 56.000