Contribution

Contribution to the fund is 12% of a fund member's total wages (fixed wages, overtime and bonuses).

The employee pays 4% and the employer 8%. The contribution base shall not include payments which are intended to cover incurred expenses, e.g. vehicle allowances.

Self-employed people pay 12% of their total wages, i.e. both the employee's and the employer's contribution.

Union fees

The fund also collects the following fees for the VR trade union, which are calculated from the same wage base as the 4% pension contribution:

Union membership fee 0.7% (félagsgjald), which is deducted from the employee's wages.
Health Care Fund 1% (sjúkrasjóður).
Vacation Fund 0.25% (orlofsheimilasjóður).
Employee Education Fund 0.20% (starfsmenntasjóður)
Rehabilitation Fund 0.13% (endurhæfingarsjóður) (The Fund collects this fee and returns it to the Rehabilitation Fund)

* Employers pay a 0.35% Wage Affairs Fee (kjaramálagjald), if they are within the purview of an agreement between VR and the Federation of Trade – FÍS. They are also calculated from the same wage base as the 4% pension contribution.

Information when filling out statements

National ID number	430269-4459
Bank account number	515-26-1007
Pension Fund number	860
Pension Fund number of Private Pension	861
Payments due	10th day of following month
Final due date	Last weekday of that month
Fax	+(354) 580 4099
Tel	+(354) 580 4000