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.
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|