government.is (21.03.2020) A one-off child benefit payment will be made on June 1, 2020 to all families with children under the age of 18. Parents with an average monthly income below ISK 927,000 in 2019 will receive ISK 40,000 per child and those with higher income will receive ISK 20,000 per child.
- One-off child payment to all families with children under 18.
Focus on Households
The well-being of families and households in Iceland is at the core of these measures. Already, people under quarantine have a secure income, which is key to allowing people to make responsible decisions to reduce the spread of the virus. This short-term measure is intended to protect jobs and income during the economic downturn.
During the next 15 months, people can withdraw a monthly sum from their voluntary pension savings, to a maximum of ISK 800,000. VAT reimbursement for construction and maintenance work will increase from 60% to 100%. In addition, the VAT reimbursement provision will be extended to the third sector organisations including charities and sports associations.
Finally, a one-off child benefit payment will be made on June 1, 2020 to all families with children under the age of 18. Parents with an average monthly income below ISK 927,000 in 2019 will receive ISK 40,000 per child and those with higher income will receive ISK 20,000 per child.