Unemployment benefit will be paid at the basic rate for two weeks following your first registration, after which income-related amounts take effect.

• The maximum of income-related unemployment benefit is ISK 494.585 per month.
• Income-related amounts are calculated as follows:
  Wage-earners: Income-related unemployment benefit is 70% of your average gross income, based on the six-month period ending two months before you became unemployed.   
  Self-employed individuals: Income-related unemployment benefit is 70% of your average gross income, based on the income year preceding the year in which you become unemployed.
  Your benefit entitlement: The amount of income-related benefit also depends on your benefit entitlement. For example, if you have maximum income-related benefit, but only 50% benefit entitlement, then the maximum amount you can receive is 50% of ISK 494.585 i.e. ISK 247.292.
  
  
• Your right to receive income-related unemployment benefit is valid for 3 months from the beginning of the benefit period, providing you meet the requirements. 
• Please be informed that income-related unemployment benefits have now been temporarily extended from 3 months to 6 months. This applies to all jobseekers who have not fully exercised their entitlement to income-related unemployment benefits. This provision is valid until the February 1st 2022.
• If a waiting period is imposed on your unemployment benefit, you will not be entitled to income-related benefit.
• Applicants only have the right to receive income-related benefit once in each benefit period, this being at the beginning of the period.