launaskrá

Launaskrá is the payroll ledger or wage register used by employers to document salaries and related payroll transactions for employees. It serves as an internal financial record that tracks gross wages, deductions, and net pay, and it supports payroll processing and accounting.

A typical launaskrá includes entries such as employee identifiers (for example kennitala, the Icelandic national identity number), pay period, gross salary, overtime pay, allowances or bonuses, deductions (income tax, social security contributions, pension contributions), other withholdings, net pay, and payment date. It may also note hours worked, overtime hours, and any adjustments or retroactive payments.

Purpose and use: the launaskrá underpins payroll calculation and verification, helps generate payslips (launaseðlar) for employees, and is used for tax reporting, social security contributions, and financial statements. It supports audits and financial governance within an organization.

Legal and privacy considerations: payroll data are personal and fall under data protection regimes applicable in Iceland (within the GDPR framework in the EEA). Employers must protect the information with secure storage, limit access to authorized personnel, and retain records for the period required by law or tax authorities. Inaccuracies should be corrected promptly, and data handling should comply with privacy and employment regulations.

Relation to other terms: launaskrá is typically the internal payroll register, while launaseðill refers to the payslip provided to the employee. The launaskrá may be used to generate payslips and to fulfill statutory reporting obligations.