Objective

The objective of the innovation grant is to facilitate companies working in the field of innovation and development to hire employees. 

The innovation grant includes a tripartite agreement between The Directorate of Labour, a company and a jobseeker.  

A company undertakes to hire a jobseeker, who is actively seeking employment and is registered with The Directorate of Labour, for up to 6 months and pay salary according to valid collective agreements. The Directorate of Labour pays a subsidy equal to the amount of basic unemployment benefits in proportion to the employee’s employment ratio, and in addition an 11,5 % contribution to their pension fund.  

The objective of the innovation fund is to: 

Support innovation and development companies.  

Establish a connection between jobseekers and companies.  

Support entrepreneurs with innovation projects.  

Support jobseekers with finding employment.  

Conditions

Conditions for the innovation grant are the following: 

The company must be operational and last year’s turnover was at least five million ISK. 

Research grants, share capital, share pledges and construction contracts can be equivalent to turnover.  

The company has already one full-time employee.  

There is a significant innovation / development in the project for which the jobseeker is hired.  

The jobseeker must be registered and actively seeking employment with The Directorate of Labour. 

Hiring a jobseeker means increasing the number of employees at the company.  

Projects so not distort domestic competition in the relevant profession.  


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