Iceland becomes first country to introduce equal pay law

Dawood Rehman 06:01 PM | 6 Apr, 2017
Iceland becomes first country to introduce equal pay law
REYJAVIK - Iceland has introduced the world's first legislation that would mandate equal pay for men and women in both the public and private sectors.

Lawmakers in Reykjavik are weighing the legislation which mandates that companies with more than two dozen employees be certified by the Icelandic government that there are no discrepancies in the way they pay women and men for similar work, according to the United Press International.

It would see private and government employers in the country with more than 25 or more workers go through audits and gain a certification that they are an equal pay employer, or be threatened with fines.

“The gender pay gap is, unfortunately, a fact in the Icelandic labor market and it’s time take radical measures; we have the knowledge and the processes to eliminate it,” Thorsteinn Viglundsson, minister of social affairs and equality, said.

The new regulations are also set to apply for pay discrimination based on an employee's, race, nationality, religion, age, and gender identification.

The proposed regulations aim to close the country’s wage gap by 2022, which currently sits at 16 percent, Viglundsson added.

If passed, the bill would make the certification requirement retroactive to the beginning of this year.

Iceland’s Parliament has close to a 50-50 spread of men and women.

Iceland is one of the world's leading countries in paying men and women equally. Iceland is currently ranked first ahead of Norway, Finland and Sweden on the World Economic Forum’s Global Gender Gap Index for 2015, the most recent rating. The United States ranked 28th.

On a global level according to the WEF, men had an average salary US$10,00 more than women in 2015.

The WEF has previously said that with current trends it will take 70 more years to close the gendered wage gap, and 170 years to achieve economic equality between men and women.

"For decades, we've said we're going to fix this," Frida Ros Valdimarsdottir, chairwoman of the Icelandic Women's Rights Association, said last month. "But women are still getting lower pay, and that's insane."

If companies fail to provide documentation proving equal pay, they would face potential penalties from the government.

Dawood Rehman
Dawood Rehman

The writer is a member of the staff.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on April 01, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on April 01 , 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.6 286.65
Euro EUR 308 311
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 77.2 77.9
Saudi Riyal SAR 75.5 76.5
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 754.25 762.25
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.16 41.56
Danish Krone DKK 41.49 41.89
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.3
Kuwaiti Dinar KWD 924.86 933.86
Malaysian Ringgit MYR 64.14 64.73
New Zealand Dollar NZD 176.37 178.38
Norwegians Krone NOK 27.16 27.46
Omani Riyal OMR 736.57 144.51
Qatari Riyal ‎QAR


Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 27.35 27.65
Swiss Franc CHF 310.26


Thai Bhat THB 8.29 8.44

Today's gold rates in Pakistan – 01 April 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 209,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs179,190.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 209,000 PKR 2,525
Karachi PKR 209,000 PKR 2,525
Islamabad PKR 209,000 PKR 2,525
Peshawar PKR 209,000 PKR 2,525
Quetta PKR 209,000 PKR 2,525
Sialkot PKR 209,000 PKR 2,525
Attock PKR 209,000 PKR 2,525
Gujranwala PKR 209,000 PKR 2,525
Jehlum PKR 209,000 PKR 2,525
Multan PKR 209,000 PKR 2,525
Bahawalpur PKR 209,000 PKR 2,525
Gujrat PKR 209,000 PKR 2,525
Nawabshah PKR 209,000 PKR 2,525
Chakwal PKR 209,000 PKR 2,525
Hyderabad PKR 209,000 PKR 2,525
Nowshehra PKR 209,000 PKR 2,525
Sargodha PKR 209,000 PKR 2,525
Faisalabad PKR 209,000 PKR 2,525
Mirpur PKR 209,000 PKR 2,525


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