A person working in Turks and Caicos Islands typically earns around 1,490 USD per month. Salaries range from 380 USD (lowest average) to 6,640 USD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries in Turks and Caicos Islands range from 380 USD per month (minimum salary) to 6,640 USD per month (maximum average salary, actual maximum is higher).
The median salary is 1,550 USD per month, which means that half (50%) of the population are earning less than 1,550 USD while the other half are earning more than 1,550 USD. 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 870 USD while 75% of them are earning more than 870 USD. Also from the diagram, 75% of the population are earning less than 4,260 USD while 25% are earning more than 4,260 USD.
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
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.
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.
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.
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.
A Master's degree program or any post-graduate program in Turks and Caicos Islands costs anywhere from 7,430 US Dollar(s) to 22,300 US 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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Turks and Caicos Islands earn 9% more than their female counterparts on avergae across all sectors.
Employees in Turks and Caicos Islands are likely to observe a salary increase of approximately 4% every 29 months.
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.
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
Listed above are the average annual increase rates for each industry in Turks and Caicos Islands for the year 2021. 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.
3% - 5%
6% - 9%
10% - 15%
15% - 20%
The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.
63% of surveyed staff in Turks and Caicos Islands reported that they haven't received any bonuses or incentives in the previous year while 37% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
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.
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.
|Marketing / Advertising|
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
|Job Title||Average Salary|
|Accounting and Finance|
|Accounting Assistant||840 USD|
|Accounting Manager||2,210 USD|
|Chartered Accountant||1,370 USD|
|Corporate Treasurer||2,080 USD|
|Financial Analyst||2,030 USD|
|Financial Manager||3,030 USD|
|Internal Auditor||1,460 USD|
Administration / Reception / Secretarial
|Administrative Assistant||830 USD|
|Office Manager||1,380 USD|
Advertising / Grapic Design / Events
|Art Director||1,520 USD|
|Creative Director||1,470 USD|
|Graphic Designer||950 USD|
Airlines / Aviation / Aerospace / Defense
|Aerospace Engineer||1,890 USD|
|Air Traffic Controller||1,660 USD|
|Flight Attendant||1,020 USD|
|CAD Drafter||790 USD|
|Service Advisor||1,050 USD|
|Bank Branch Manager||2,680 USD|
|Business Analyst||1,820 USD|
|Business Development Manager||2,330 USD|
|Project Manager||1,790 USD|
Care Giving and Child Care
|Nursery Teacher||590 USD|
Construction / Building / Installation
|Civil Engineer||1,440 USD|
|Construction Project Manager||2,490 USD|
|Health and Safety Officer||660 USD|
Customer Service and Call Center
|Call Center Representative||580 USD|
|Customer Service Manager||2,110 USD|
|Customer Service Representative||540 USD|
|Electrical Engineer||1,490 USD|
|Mechanical Engineer||1,430 USD|
Executive and Management
|Chief Executive Officer||3,260 USD|
|Chief Financial Officer||3,260 USD|
|General Manager||2,740 USD|
Food / Hospitality / Tourism / Catering
|Executive Chef||1,050 USD|
|Hotel Manager||2,630 USD|
|Travel Agent||970 USD|
|Waiter / Waitress||500 USD|
Health and Medical
|Laboratory Technician||1,130 USD|
|Human Resources Manager||2,330 USD|
|Human Resources Officer||920 USD|
|Computer Technician||1,130 USD|
|Database Administrator||1,570 USD|
|Developer / Programmer||1,420 USD|
|Information Technology Manager||2,460 USD|
|Network Engineer||1,350 USD|
Law Enforcement / Security / Fire
|Police Officer||950 USD|
|Legal Assistant||770 USD|
Media / Broadcasting / Arts / Entertainment
Pharmaceutical and Biotechnology
|Biomedical Engineer||1,330 USD|
Sales Retail and Wholesale
|Sales Manager||2,490 USD|
|Sales Representative||960 USD|
Teaching / Education
|Elementary School Teacher||1,070 USD|
|Secondary School Teacher||1,280 USD|
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.
Where can you get paid more, working for a private company or for the government? Public sector employees in Turks and Caicos Islands earn 10% more than their private sector counterparts on average across all sectors.