Payroll Specialist salary in Iceland

Average Yearly Salary of Payroll Specialist in Iceland is approximately 8,049,049 ISK (56,021 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Payroll Specialist do?

A payroll specialist is responsible for managing and processing employee payrolls within an organization. They ensure accurate calculation of wages, salaries, deductions, and taxes, while also maintaining payroll records and resolving any discrepancies or issues that may arise. Additionally, they may assist in preparing financial reports related to payroll expenses and provide support during audits or compliance reviews. This role requires strong attention to detail, as well as knowledge of payroll laws, regulations, and best practices. Payroll specialists must also possess excellent organizational and time management skills to meet deadlines and handle multiple tasks simultaneously. Effective communication and problem-solving abilities are essential when addressing payroll inquiries and collaborating with other departments.

Skills: Payroll processing, Payroll management, Payroll administration, Payroll compliance, Payroll records, Payroll reporting.
Job industry: Human resources

How much does Payroll Specialist make?

Difference in salary year over year or average salary increase is approximately 4 %


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Salary comparison to National average

Is Payroll Specialist a well paid job?

Yes, our data show that Payroll Specialist is an averagely well paid job that still allows for some yearly savings. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Payroll Specialist?

High salary for Payroll Specialist would be somewhere between 8,853,954 ISK and 11,671,121 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Payroll Specialist in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 8,049,049 ISK
Estimated Monthly Salary: 670,754 ISK
Estimated Weekly Salary: 154,789 ISK per week
Estimated Hourly Salary: 3,870 ISK per hour
By working as Payroll Specialist a person can save up to 1,940 USD per month or 23,275 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Payroll Specialist

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

Top 10 highest salaries in Iceland

Data as of 2025

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