The labor market in Iceland, 2000–2018

Katrin Olafsdottir

IZA World of Labor, 2020, No 474, 474

Abstract: The Icelandic labor market is characterized by high union density and the Icelanders’ willingness to work, as labor force participation is high, the work week long, and people retire late. The resilience and flexibility of the Icelandic labor market was put to the test in the Great Recession as a large share of employees in the labor market experienced a fall in work hours and a fall in nominal wages, while unemployment rose less than expected. In recent years there has been a strong influx of foreign workers, mostly from Eastern Europe. Studies have shown that their labor force participation is no lower than that of Icelanders.

Keywords: flexibility; union density; inequality; immigration (search for similar items in EconPapers)
JEL-codes: J26 J31 J32 J51 J61 (search for similar items in EconPapers)
Date: 2020
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