In Iceland, wages and other terms of employment are negotiated through trade unions and employers and it is called a collective agreement. 

See here the latest collective agreement made between Leiðsögn - Guide Union and Employers Association called SA/SAF. You will also find the latest pay scales here as well.

IMPORTANT INFORMATION IN 10 LANGUAGES:

You can read here about the most important employment terms that apply to all people working in Iceland.