A new law making it illegal to pay men more than women has taken effect in Iceland.
Under the new rules, companies and government agencies employing at least 25 people will have to obtain government certification of their equal-pay policies.
Those that fail to prove pay parity will face fines.
“We have had legislation saying that pay should be equal for men and women for decades now but we still have a pay gap.”
The new legislation was supported by Iceland’s centre-right government, as well as the opposition, in a parliament where nearly 50 percent of all members are women.
The Icelandic government plans to completely eradicate the wage gap by 2020.
According to the latest WEF report, the top five best performers in the global gender gap are Iceland, Norway, Finland, Rwanda and Sweden.