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Banking Average Salaries in Jamaica 2020

How much money does a person working in Banking make in Jamaica?


Average Monthly Salary
106,000 JMD
( 1,280,000 JMD yearly)

LOW
33,000
JMD
AVERAGE
106,000
JMD
HIGH
215,000
JMD

A person working in Banking in Jamaica typically earns around 106,000 JMD per month. Salaries range from 33,000 JMD (lowest average) to 215,000 JMD (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst154,000 JMD
Assistant Bank Branch Manager137,000 JMD
Assistant Bank Manager174,000 JMD
ATM Manager148,000 JMD
ATM Service Technician41,100 JMD
Bank Accounts Analyst59,600 JMD
Bank Accounts Controller73,800 JMD
Bank Accounts Executive110,000 JMD
Bank Accounts Manager128,000 JMD
Bank Auditing Manager133,000 JMD
Bank Branch Manager186,000 JMD
Bank Clerk33,600 JMD
Bank Compliance Specialist92,600 JMD
Bank Manager202,000 JMD
Bank Operational Risk Manager212,000 JMD
Bank Operations Head204,000 JMD
Bank Operations Officer85,500 JMD
Bank Operations Specialist127,000 JMD
Bank Process Manager116,000 JMD
Bank Product Manager 131,000 JMD
Bank Programme Manager149,000 JMD
Bank Project Manager170,000 JMD
Bank Propositions Manager148,000 JMD
Bank Quantitative Analyst109,000 JMD
Bank Regional Manager218,000 JMD
Bank Regional Risk Officer109,000 JMD
Bank Relationship Manager161,000 JMD
Bank Relationship Officer68,500 JMD
Banker78,000 JMD
Banking Business Analyst112,000 JMD
Banking Business Development Officer66,000 JMD
Banking Business Planning Executive159,000 JMD
Banking Product Manager139,000 JMD
Banking Reference Data Manager121,000 JMD
Banking Risk Analyst108,000 JMD
Banking Technical Analyst58,600 JMD
Bankruptcy Coordinator76,100 JMD
Budget Analyst114,000 JMD
Cards Marketing Manager140,000 JMD
Cash Management Manager185,000 JMD
Check Processing Manager138,000 JMD
Commercial Vault Associate105,000 JMD
Corporate Dealer117,000 JMD
Credit Analyst84,300 JMD
Credit and Collections Manager147,000 JMD
Credit Card Fraud Investigator114,000 JMD
Credit Portfolio Manager212,000 JMD
Credit Risk Analyst128,000 JMD
Credit Risk Associate116,000 JMD
Direct Bank Sales Representative78,300 JMD
Financial Bank Planning Consultant139,000 JMD
Financial Banking Analysis Manager165,000 JMD
Financial Banking Assistant53,700 JMD
Financial Banking Systems Manager154,000 JMD
Foreign Exchange Manager166,000 JMD
Fraud Analyst122,000 JMD
Fraud Detection Associate82,700 JMD
Fraud Detection Manager168,000 JMD
Fraud Detection Supervisor100,000 JMD
Internal Bank Audit Manager192,000 JMD
Internal Bank Auditor103,000 JMD
International Banking Manager218,000 JMD
Loan Analyst109,000 JMD
Loan Area Manager132,000 JMD
Loan Audit Team Leader124,000 JMD
Loan Branch Manager124,000 JMD
Loan Business Development Officer67,000 JMD
Loan Clerk39,400 JMD
Loan Collection Manager134,000 JMD
Loan Collector37,000 JMD
Loan Examiner49,600 JMD
Loan Processing Manager123,000 JMD
Loan Processor51,800 JMD
Loan Quality Assurance Auditor106,000 JMD
Loan Quality Assurance Manager119,000 JMD
Loan Quality Assurance Representative79,500 JMD
Loan Review Manager121,000 JMD
Loan Team Leader109,000 JMD
Mortgage Advisor75,100 JMD
Mortgage Collection Manager127,000 JMD
Mortgage Collector35,800 JMD
Mortgage Credit Analyst58,500 JMD
Mortgage Credit Manager124,000 JMD
Mortgage Development Manager143,000 JMD
Mortgage Document Reviewer48,900 JMD
Mortgage Funding Manager146,000 JMD
Mortgage Operations Manager182,000 JMD
Mortgage Payment Processing Clerk40,300 JMD
Mortgage Processing Manager130,000 JMD
Mortgage Processor51,300 JMD
Mortgage Quality Assurance Auditor105,000 JMD
Mortgage Quality Assurance Manager121,000 JMD
Mortgage Servicing Clerk39,900 JMD
Mortgage Servicing Manager127,000 JMD
Mortgage Underwriter45,500 JMD
Online Banking Manager187,000 JMD
Payment Processing Clerk38,300 JMD
Personal Banker82,800 JMD
Personal Banking Advisor 81,300 JMD
Phone Banker50,600 JMD
Private Banker78,500 JMD
Reconciliation and Investigation Specialist88,000 JMD
Teller37,700 JMD
Trade Officer43,200 JMD
Trade Product Manager125,000 JMD
Trader52,500 JMD
Treasury Operations Officer93,200 JMD

Banking Jobs Salary Distribution in Jamaica

Median and salary distribution monthly Jamaica Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Jamaica range from 33,000 JMD per month (minimum average salary) to 215,000 JMD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 97,900 JMD per month, which means that half (50%) of people working in Banking are earning less than 97,900 JMD while the other half are earning more than 97,900 JMD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 58,900 JMD while 75% of them are earning more than 58,900 JMD. Also from the diagram, 75% of people working in Banking are earning less than 144,000 JMD while 25% are earning more than 144,000 JMD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Jamaica costs anywhere from 482,000 Jamaican Dollar(s) to 1,450,000 Jamaican Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Jamaica Banking
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Jamaica who work in Banking earn 7% more than their female counterparts on average.

Female
102,000 JMD
Male+7%
109,000 JMD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Jamaica for all Careers

Salary comparison by gender monthly Jamaica
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Banking Average Annual Salary Increment Percentage in Jamaica

How much are annual salary increments in Jamaica for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Jamaica are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Jamaica Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Jamaica / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Jamaica is 2%.

Annual Increment Rate By Industry 2019

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Jamaica for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Jamaica

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Jamaica Banking
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

44% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
56%
No Bonus
44%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Jamaica
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Where can you get paid more, working for a private company or for the government? Public sector employees in Jamaica earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
93,500 JMD
Public Sector+10%
103,000 JMD
Percentage increase and decrease are relative to the previous value

Banking Hourly Average Wage in Jamaica


610 JMD per hour

The average hourly wage (pay per hour) in Jamaica is 610 JMD. This means that the average person in Jamaica earns approximately 610 JMD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Jamaica
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The average salary for Banking is 10% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Kingston117,000 JMD
84000 - 8

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