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Average Salary in Cape Verde 2020

How much money does a person working in Cape Verde make?


Average Monthly Salary
204,000 CVE
( 2,450,000 CVE yearly)

LOW
51,700
CVE
AVERAGE
204,000
CVE
HIGH
912,000
CVE

A person working in Cape Verde typically earns around 204,000 CVE per month. Salaries range from 51,700 CVE (lowest average) to 912,000 CVE (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.

Distribution of Salaries in Cape Verde

Median and salary distribution monthly Cape Verde
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The median, the maximum, the minimum, and the range

  • Salary Range

    Salaries in Cape Verde range from 51,700 CVE per month (minimum salary) to 912,000 CVE per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 196,000 CVE per month, which means that half (50%) of the population are earning less than 196,000 CVE while the other half are earning more than 196,000 CVE. 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 the population are earning less than 112,000 CVE while 75% of them are earning more than 112,000 CVE. Also from the diagram, 75% of the population are earning less than 532,000 CVE while 25% are earning more than 532,000 CVE.


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 Cape Verde costs anywhere from 1,020,000 Cape Verde Escudo(s) to 3,060,000 Cape Verde Escudo(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.



Salary Comparison By Gender

Salary comparison by gender monthly Cape Verde
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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 Cape Verde earn 13% more than their female counterparts on avergae across all sectors.

Female
194,000 CVE
Male+13%
220,000 CVE
Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Cape Verde

How much are annual salary increments in Cape Verde? How often do employees get salary raises?

Cape Verde

Employees in Cape Verde are likely to observe a salary increase of approximately 4% every 29 months.

Annual Salary Increment Rate Cape Verde
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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.

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 Cape Verde is 2%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Listed above are the average annual increase rates for each industry in Cape Verde 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.


Average Salary Increase Rate by Experience Level

Junoir Level
3% - 5%
Mid-Career
6% - 9%
Senior Level
10% - 15%
Top Management
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.

Worldwide Salary Raises: All Countries and All Jobs

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Bonus and Incentive Rates in Cape Verde

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cape Verde
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67% of surveyed staff in Cape Verde reported that they haven't received any bonuses or incentives in the previous year while 33% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
33%
No Bonus
67%

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.


Bonus Rates Comparison by Career Field

Finance
High
Architecture
High
Sales
High
Business Development
High
Marketing / Advertising
High
Information Technology
Moderate
Healthcare
Moderate
Insurance
Moderate
Customer Service
Moderate
Human Resources
Moderate
Construction
Low
Transport
Low
Hospitality
Low

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 Cape Verde
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Where can you get paid more, working for a private company or for the government? Public sector employees in Cape Verde earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
194,000 CVE
Public Sector+14%
221,000 CVE
Percentage increase and decrease are relative to the previous value

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant137,000 CVE
Accounting Assistant112,000 CVE
Accounting Manager304,000 CVE
Bookkeeper90,700 CVE
Chartered Accountant182,000 CVE
Corporate Treasurer271,000 CVE
Financial Analyst250,000 CVE
Financial Manager415,000 CVE
Internal Auditor189,000 CVE

Administration / Reception / Secretarial
Administrative Assistant103,000 CVE
Office Manager172,000 CVE
Receptionist76,600 CVE
Secretary94,000 CVE

Advertising / Grapic Design / Events
Art Director200,000 CVE
Creative Director195,000 CVE
Graphic Designer123,000 CVE
Photographer118,000 CVE

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer253,000 CVE
Air Traffic Controller226,000 CVE
Flight Attendant138,000 CVE
Pilot343,000 CVE

Architecture
Architect247,000 CVE
CAD Drafter100,000 CVE

Automotive
Mechanic76,900 CVE
Service Advisor138,000 CVE

Banking
Bank Branch Manager381,000 CVE
Teller74,000 CVE

Bilingual
Teacher164,000 CVE
Translator182,000 CVE

Business Planning
Business Analyst245,000 CVE
Business Development Manager310,000 CVE
Project Manager222,000 CVE

Care Giving and Child Care
Nanny86,000 CVE
Nursery Teacher75,100 CVE

Construction / Building / Installation
Civil Engineer194,000 CVE
Construction Project Manager345,000 CVE
Health and Safety Officer93,100 CVE

Customer Service and Call Center
Call Center Representative78,200 CVE
Customer Service Manager268,000 CVE
Customer Service Representative77,400 CVE

Engineering
Electrical Engineer190,000 CVE
Engineer198,000 CVE
Mechanical Engineer196,000 CVE

Executive and Management
Chief Executive Officer461,000 CVE
Chief Financial Officer438,000 CVE
General Manager347,000 CVE

Food / Hospitality / Tourism / Catering
Chef122,000 CVE
Executive Chef153,000 CVE
Hotel Manager385,000 CVE
Travel Agent126,000 CVE
Waiter / Waitress65,400 CVE

Health and Medical
Dentist480,000 CVE
Dietitian380,000 CVE
Laboratory Technician156,000 CVE
Nurse157,000 CVE

Human Resources
Human Resources Manager319,000 CVE
Human Resources Officer122,000 CVE

Information Technology
Computer Technician150,000 CVE
Database Administrator194,000 CVE
Developer / Programmer197,000 CVE
Information Technology Manager342,000 CVE
Network Engineer169,000 CVE

Law Enforcement / Security / Fire
Police Officer124,000 CVE

Legal
Attorney382,000 CVE
Legal Assistant107,000 CVE

Media / Broadcasting / Arts / Entertainment
Journalist233,000 CVE

Pharmaceutical and Biotechnology
Biomedical Engineer182,000 CVE
Pharmacist255,000 CVE

Sales Retail and Wholesale
Cashier80,000 CVE
Sales Manager366,000 CVE
Sales Representative130,000 CVE

Teaching / Education
Elementary School Teacher143,000 CVE
Secondary School Teacher171,000 CVE

Average Hourly Wage in Cape Verde


1,180 CVE per hour

The average hourly wage (pay per hour) in Cape Verde is 1,180 CVE. This means that the average person in Cape Verde earns approximately 1,180 CVE 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.

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