Average Salary in Cayman Islands 2020
How much money does a person working in Cayman Islands make?
LOW
5,310
KYD AVERAGE
39,200
KYD HIGH
174,000
KYD
A person working in Cayman Islands typically earns around 39,200 KYD per year. Salaries range from 5,310 KYD (lowest average) to 174,000 KYD (highest average, actual maximum salary is higher).
This is the average yearly 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 Cayman Islands
The median, the maximum, the minimum, and the range
Salary Range
Salaries in Cayman Islands range from 5,310 KYD per year (minimum salary) to 174,000 KYD per year (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 38,400 KYD per year, which means that half (50%) of the population are earning less than 38,400 KYD while the other half are earning more than 38,400 KYD. 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 19,700 KYD while 75% of them are earning more than 19,700 KYD. Also from the diagram, 75% of the population are earning less than 104,000 KYD while 25% are earning more than 104,000 KYD.
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?
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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 Cayman Islands costs anywhere from 16,300 Cayman Islands Dollar(s) to 49,000 Cayman Islands 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.
Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Cayman Islands earn 25% more than their female counterparts.
| Female | 35,000 KYD | |
| Male | +25% | 43,900 KYD |
Average Annual Salary Increment Percentage in Cayman Islands
How much are annual salary increments in Cayman Islands? How often do employees get salary raises?
Cayman Islands
Employees in Cayman Islands are likely to observe a salary increase of approximately 5% every 28 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.
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
Annual Increment Rate By Industry 2019
| Banking | 4% | |
| Energy | 8% | |
| Information Technology | 3% | |
| Healthcare | 7% | |
| Travel | 2% | |
| Construction | 6% | |
| Education | 1% |
Listed above are the average annual increase rates for each industry in Cayman Islands 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
Bonus and Incentive Rates in Cayman Islands
How much and how often are bonuses being awarded?
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66% of surveyed staff in Cayman Islands reported that they haven't received any bonuses or incentives in the previous year while 34% 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.
| Received Bonus | 34% | |
| No Bonus | 66% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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
Where can you get paid more, working for a private company or for the government? Public sector employees in Cayman Islands earn 21% more than their private sector counterparts.
| Private Sector | 35,700 KYD | |
| Public Sector | +21% | 43,100 KYD |
Salaries for specific job categories
Choose a job category to explore specific salary details
Accounting and FinanceAdministration / Reception / SecretarialAdvertising / Grapic Design / EventsAirlines / Aviation / Aerospace / DefenseArchitectureAutomotiveBankingBilingualBusiness PlanningCare Giving and Child CareCleaning and HousekeepingConstruction / Building / InstallationCounselingCourier / Delivery / Transport / DriversCustomer Service and Call CenterElectrical and Electronics TradesEngineeringEnvironmentalExecutive and ManagementFacilities / Maintenance / RepairFactory and ManufacturingFashion and ApparelFitness / Hair / BeautyFood / Hospitality / Tourism / CateringFundraising and Non ProfitGardening / Farming / FishingGovernment and DefenceHealth and MedicalHuman ResourcesImport and ExportIndependent JobsInformation TechnologyInsuranceLaw Enforcement / Security / FireLegalMarketingMedia / Broadcasting / Arts / EntertainmentOil / Gas / Energy / MiningPet CarePharmaceutical and BiotechnologyPhotographyPublic RelationsPublishing and PrintingPurchasing and InventoryQuality Control and ComplianceReal EstateRecreation and SportsSales Retail and WholesaleScience and Technical ServicesTeaching / EducationTelecommunicationSalary Trend and Forecast in Cayman Islands
How are Cayman Islands salaries changing over time? The chart below shows the average salary change in the past few years.
| Average Salary 2016 | 35,100 KYD | |
| Average Salary 2017 | +4% | 36,400 KYD |
| Average Salary 2018 | +2% | 37,200 KYD |
| Average Salary 2019 | +3% | 38,500 KYD |
Salaries in Cayman Islands are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.
Salaries for popular jobs
| Job Title | Average Salary |
| Accounting and Finance | |
| Accountant | 25,500 KYD |
| Accounting Assistant | 25,600 KYD |
| Accounting Manager | 50,600 KYD |
| Bookkeeper | 19,900 KYD |
| Chartered Accountant | 34,000 KYD |
| Corporate Treasurer | 68,900 KYD |
| Financial Analyst | 39,200 KYD |
| Financial Manager | 80,300 KYD |
| Internal Auditor | 39,600 KYD |
Administration / Reception / Secretarial | |
| Administrative Assistant | 19,900 KYD |
| Office Manager | 26,500 KYD |
| Receptionist | 27,400 KYD |
| Secretary | 19,900 KYD |
Advertising / Grapic Design / Events | |
| Art Director | 39,100 KYD |
| Creative Director | 39,900 KYD |
| Graphic Designer | 27,100 KYD |
| Photographer | 26,000 KYD |
Airlines / Aviation / Aerospace / Defense | |
| Aerospace Engineer | 43,700 KYD |
| Air Traffic Controller | 38,300 KYD |
| Flight Attendant | 31,900 KYD |
| Pilot | 44,000 KYD |
Architecture | |
| Architect | 34,700 KYD |
| CAD Drafter | 27,800 KYD |
Automotive | |
| Mechanic | 20,700 KYD |
| Service Advisor | 30,400 KYD |
Banking | |
| Bank Branch Manager | 58,200 KYD |
| Teller | 26,000 KYD |
Bilingual | |
| Teacher | 28,800 KYD |
| Translator | 34,000 KYD |
Business Planning | |
| Business Analyst | 45,800 KYD |
| Business Development Manager | 59,100 KYD |
| Project Manager | 43,400 KYD |
Care Giving and Child Care | |
| Nanny | 23,600 KYD |
| Nursery Teacher | 28,600 KYD |
Construction / Building / Installation | |
| Civil Engineer | 34,700 KYD |
| Construction Project Manager | 46,300 KYD |
| Health and Safety Officer | 23,600 KYD |
Customer Service and Call Center | |
| Call Center Representative | 27,600 KYD |
| Customer Service Manager | 50,600 KYD |
| Customer Service Representative | 28,100 KYD |
Engineering | |
| Electrical Engineer | 38,400 KYD |
| Engineer | 34,700 KYD |
| Mechanical Engineer | 37,600 KYD |
Executive and Management | |
| Chief Executive Officer | 88,600 KYD |
| Chief Financial Officer | 79,600 KYD |
| General Manager | 67,500 KYD |
Food / Hospitality / Tourism / Catering | |
| Chef | 30,100 KYD |
| Executive Chef | 35,100 KYD |
| Hotel Manager | 54,600 KYD |
| Travel Agent | 31,400 KYD |
| Waiter / Waitress | 24,100 KYD |
Health and Medical | |
| Dentist | 93,500 KYD |
| Dietitian | 85,100 KYD |
| Laboratory Technician | 28,900 KYD |
| Nurse | 29,200 KYD |
Human Resources | |
| Human Resources Manager | 53,100 KYD |
| Human Resources Officer | 30,100 KYD |
Information Technology | |
| Computer Technician | 30,000 KYD |
| Database Administrator | 37,300 KYD |
| Developer / Programmer | 33,100 KYD |
| Information Technology Manager | 54,400 KYD |
| Network Engineer | 31,900 KYD |
Law Enforcement / Security / Fire | |
| Police Officer | 31,000 KYD |
Legal | |
| Attorney | 54,400 KYD |
| Legal Assistant | 28,100 KYD |
Media / Broadcasting / Arts / Entertainment | |
| Journalist | 38,400 KYD |
Pharmaceutical and Biotechnology | |
| Biomedical Engineer | 34,100 KYD |
| Pharmacist | 42,500 KYD |
Sales Retail and Wholesale | |
| Cashier | 22,100 KYD |
| Sales Manager | 61,500 KYD |
| Sales Representative | 24,100 KYD |
Teaching / Education | |
| Elementary School Teacher | 27,600 KYD |
| Secondary School Teacher | 30,700 KYD |
Average Hourly Wage in Cayman Islands
19 KYD per hourThe average hourly wage (pay per hour) in Cayman Islands is 19 KYD. This means that the average person in Cayman Islands earns approximately 19 KYD for every worked hour.
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.
