Meginmál

Equal Pay Policy

Pur­pose and ob­ject­ives

The Cent­ral Bank’s policy is that all em­ploy­ees shall be re­ceive equal pay and en­joy equal terms of em­ploy­ment and rights for the same jobs or jobs of equal value, so that there shall be no gender­-­based pay gap within the Bank. This policy ap­plies to all Cent­ral Bank of Ice­land em­ploy­ees, and it provides for ob­ject­ives and meas­ures aimed at en­sur­ing that the Bank’s em­ploy­ees have the rights stip­u­lated in the Act on Equal Status and Equal Rights Ir­re­spect­ive of Gender, no. 150/2020, and the Act on Ad­min­is­tra­tion of Mat­ters Con­cern­ing Equal­ity, no. 151/2020.
Cent­ral Bank em­ploy­ees’ salar­ies shall be in com­pli­ance with the law and wage agree­ments, and salary de­cisions shall be based on the nature, re­spons­ib­il­ity, and scope of the work car­ried out by each em­ploy­ee, as well as tak­ing ac­count of the em­ploy­ee’s know­ledge, skills, and ex­per­i­ence.
The Bank’s ob­ject­ive is to be a de­sir­able work­place where people of all genders have equal op­por­tun­it­ies in their work.

Key pri­or­it­ies

•    That re­mu­ner­a­tion cri­teria and terms of em­ploy­ment shall sup­port the Bank’s role, ob­ject­ives, and vis­ion.
•    That the Bank is a grow­ing work­place where de­cisions on re­mu­ner­a­tion and terms of em­ploy­ment sup­port the Bank’s stra­tegic pri­or­it­ies at any given time.
•    That the Bank is able to com­pete for the most com­pet­ent spe­cial­ised per­son­nel in its field.
•    That de­cisions on re­mu­ner­a­tion and changes in re­mu­ner­a­tion shall com­ply with the re­quire­ments of the Icelandic equal pay stand­ard.
•    That all de­cisions on salar­ies and other terms of em­ploy­ment are based on ob­ject­ive cri­teria and are con­sist­ent with the fun­da­mental prin­ciple that all genders shall re­ceive the same pay for the same or com­par­able work.

Ex­e­cu­tion

In or­der to achieve its ob­ject­ives, the Bank op­er­ates ac­cord­ing to a doc­u­mented, cer­ti­fied equal pay sys­tem based on the ÍST 85 equal pay stand­ard. In or­der to en­sure con­tinu­ous im­prove­ment of the equal pay sys­tem and to en­hance the re­li­ab­il­ity of de­cisions on re­mu­ner­a­tion, the Bank shall:

  • Present the equal pay poli­cy, equal pay ob­ject­ives, and res­ults of pay ana­lyses to em­ploy­ees.

  • En­gage an im­par­tial en­tity to con­duct an ex­ternal ap­praisal of the equal pay sys­tem.

  • Con­duct an an­nual in­ternal ap­praisal of the pay sys­tem and carry out a man­age­ment re­view.

  • Carry out a re­mu­ner­a­tion ana­lysis at least once a year, or more of­ten if deemed ne­ces­sary.

  • Pre­pare a plan for im­prove­ments on the basis of ap­prais­als, with the aim of elim­in­at­ing any gender­-­based pay gap that may ex­ist.

  • Com­ply with the reg­u­lat­ory pro­vi­sions and wage agree­ments in force at any given time and con­firm the Bank’s com­pli­ance with the law.

  • Make the equal pay policy avail­able on the Bank’s in­tranet and ex­ternal web­site.

    The Dir­ector of Hu­man Re­sources is re­spons­ible for im­ple­ment­ing and ex­ecut­ing the poli­cy, as well as en­sur­ing that it is main­tained and re­viewed on a reg­u­lar basis.