That depends heavily on which country you’re looking at.
It seems that the issue in Iceland isn’t as much getting equal pay for equal work, but rather that women don’t get equal work opportunities for cultural reasons.
We could say that their issue is of why “typical womens jobs” pay less than “typical mens jobs” (regardless of the individual employee being woman or man).
The same situation still exists in all the countries that rank better on the equality lists, whereas the low ranking countries probably have more basic discriminatory issues that need to solved first.
They’re tying it in with domestic violence and this might be a way to address the cultural issues.
Anyway, it’ll be interesting to see what they come up with. Hopefully it will make actual changes for the entire sectors rather than just a mindless gender bonus which could make things even worse.