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Laboratory Technician Average Salary in Cayman Islands 2020

How much money does a Laboratory Technician make in Cayman Islands?


Average Yearly Salary
28,900 KYD
( 2,410 KYD monthly)

LOW
13,900
KYD
AVERAGE
28,900
KYD
HIGH
45,400
KYD

A person working as a Laboratory Technician in Cayman Islands typically earns around 28,900 KYD per year. Salaries range from 13,900 KYD (lowest) to 45,400 KYD (highest).

This is the average yearly salary including housing, transport, and other benefits. Laboratory Technician salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Laboratory Technician Salary Distribution in Cayman Islands

Median and salary distribution yearly Cayman Islands Laboratory Technician
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The median, the maximum, the minimum, and the range

  • Salary Range

    Laboratory Technician salaries in Cayman Islands range from 13,900 KYD per year (minimum salary) to 45,400 KYD per year (maximum salary).

  • Median Salary

    The median salary is 30,100 KYD per year, which means that half (50%) of people working as Laboratory Technician(s) are earning less than 30,100 KYD while the other half are earning more than 30,100 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 Laboratory Technician(s) are earning less than 19,800 KYD while 75% of them are earning more than 19,800 KYD. Also from the diagram, 75% of Laboratory Technician(s) are earning less than 39,300 KYD while 25% are earning more than 39,300 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

Laboratory Technician Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience yearly Cayman Islands Laboratory Technician
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Laboratory Technician salaries by experience level and this is what we found.

A Laboratory Technician with less than two years of experience makes approximately 16,300 KYD per year.

While someone with an experience level between two and five years is expected to earn 23,000 KYD per year, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 30,300 KYD per year, 31% more than someone with two to five years of experience.

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.

Additionally, Laboratory Technician(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 37,200 KYD per year, 23% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 39,600 KYD per year, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 43,400 KYD per year, 10% more than people with fifteen to twenty years of experience.


Laboratory Technician average salary change by experience in Cayman Islands

0 - 2 Years
16,300 KYD
2 - 5 Years+42%
23,000 KYD
5 - 10 Years+31%
30,300 KYD
10 - 15 Years+23%
37,200 KYD
15 - 20 Years+6%
39,600 KYD
20+ Years+10%
43,400 KYD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Laboratory Technician Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Laboratory Technician(s) who have the same experience but different education levels.

Salary comparison by education level yearly Cayman Islands Laboratory Technician
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Laboratory Technician salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Laboratory Technician is 25,600 KYD per year.

While someone with a Master's Degree gets a salary of 36,600 KYD per year, 43% more than someone having a Bachelor's Degree degree.


Laboratory Technician average salary difference by education level in Cayman Islands

Bachelor's Degree
25,600 KYD
Master's Degree+43%
36,600 KYD
Percentage increase and decrease are relative to the previous value

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 16,200 Cayman Islands Dollar(s) to 48,600 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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Laboratory Technician Salary Comparison By Gender

Salary comparison by gender yearly Cayman Islands Laboratory Technician
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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 Laboratory Technician employees in Cayman Islands earn 9% more than their female counterparts on average.

Male
30,600 KYD
Female-8%
28,100 KYD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cayman Islands for all Careers

Salary comparison by gender yearly Cayman Islands
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Laboratory Technician Average Annual Salary Increment Percentage in Cayman Islands

How much are annual salary increments in Cayman Islands for Laboratory Technician(s)? How often do employees get salary raises?

Laboratory Technician

Laboratory Technician(s) in Cayman Islands are likely to observe a salary increase of approximately 6% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Cayman Islands Laboratory Technician
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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.

Cayman Islands / 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 Cayman Islands is 2%.

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.


Worldwide Salary Raises: All Countries and All Jobs

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Laboratory Technician Bonus and Incentive Rates in Cayman Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cayman Islands Laboratory Technician
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A Laboratory Technician is considered to be a low bonus-based job 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.

86% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 14% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
14%
No Bonus
86%

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.

Laboratory Technician Average Hourly Wage in Cayman Islands


14 KYD per hour

The average hourly wage (pay per hour) in Cayman Islands is 14 KYD. This means that the average Laboratory Technician in Cayman Islands earns approximately 14 KYD 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.

Laboratory Technician VS Other Jobs

Salary Comparison Between Laboratory Technician and Health and Medical yearly Cayman Islands
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The average salary for Laboratory Technician is 40% less than that of Healthcare Technical. Also, Healthcare Technical salaries are 17% less than those of Health and Medical.

Salary comparison with similar jobs

Job TitleAverage Salary
Academic Clinician78,300 KYD+170%
Admitting Officer29,600 KYD+2%
Ambulance Dispatcher29,400 KYD+2%
Ambulance Driver28,100 KYD-3%
Ambulance Officer and Paramedic32,000 KYD+11%
Ambulatory Services Director55,500 KYD+92%
Anatomic Pathology Supervisor68,900 KYD+140%
Anesthesia Technician41,700 KYD+44%
Anesthesiologist116,000 KYD+300%
Anesthesiology Assistant40,800 KYD+41%
Assistant Optometrist32,400 KYD+12%
Audiologist69,500 KYD+140%
Biomedical Engineering Director55,400 KYD+91%
Biomedical Engineering Technician27,400 KYD-5%
Cardiac Technician27,600 KYD-5%
Cardiovascular Specialist153,000 KYD+430%
Cardiovascular Technologist54,400 KYD+88%
Central Sterile Processing Technician32,100 KYD+11%
Charge Entry Specialist37,600 KYD+30%
Clinical Application Specialist37,100 KYD+28%
Clinical Biochemist65,200 KYD+130%
Clinical Cytogeneticist57,900 KYD+100%
Clinical Data Reviewer35,000 KYD+21%
Clinical Development Specialist45,500 KYD+57%
Clinical Field Associate34,300 KYD+19%
Clinical Genetic Technologist56,400 KYD+95%
Clinical Microbiologist71,700 KYD+150%
Clinical Molecular Geneticist62,200 KYD+110%
Clinical Neuropsychologist75,500 KYD+160%
Clinical Research Coordinator44,000 KYD+52%
Clinical Scientist79,500 KYD+170%
CME Specialist58,300 KYD+100%
CT Technologist36,400 KYD+26%
Cytogenetic Technologist51,100 KYD+77%
Diagnostic Medical Sonographer43,400 KYD+50%
Dispensing Optician35,400 KYD+22%
Dosimetrist51,700 KYD+79%
EKG Technician33,300 KYD+15%
Endoscopic Assistant31,400 KYD+8%
Endoscopy Technician29,600 KYD+2%
Enterostomal Therapist49,800 KYD+72%
Epidemiologist65,200 KYD+130%
FGP Ultrasound Techncian32,000 KYD+11%
Health Systems Specialist44,200 KYD+53%
Health Technologist51,700 KYD+79%
Healthcare Data Analyst39,100 KYD+35%
Hearing Aid Specialist38,600 KYD+33%
Histotechnologist46,100 KYD+59%
Immunologist67,100 KYD+130%
Industrial Hygienist48,200 KYD+67%
Infection Control Coordinator36,600 KYD+26%
Infection Control Practitioner80,600 KYD+180%
Infection Preventionist54,400 KYD+88%
Informatics Practice Specialist42,100 KYD+45%
Interventional Radiographer63,200 KYD+120%
Lab Assistant29,500 KYD+2%
Laboratory Manager52,800 KYD+82%
Laboratory Technician28,900 KYD-0%
Low Vision Therapist64,400 KYD+120%
Mammography Technician28,800 KYD-0%
Medical Coder27,100 KYD-6%
Medical Courier19,900 KYD-31%
Medical Equipment Preparer30,400 KYD+5%
Medical Forms Designer25,600 KYD-12%
Medical Technologist32,800 KYD+13%
MRI Technologist31,000 KYD+7%
Music Therapist44,300 KYD+53%
Neonatologist86,100 KYD+200%
Neurodiagnostic Techncian30,200 KYD+4%
Neuropsychology Testing Assistant27,500 KYD-5%
Nuclear Medical Technician40,500 KYD+40%
Nuclear Medicine Technolgoist40,500 KYD+40%
Nutrition Assistant30,100 KYD+4%
Occupaitional Therapy Assistant30,600 KYD+6%
Operating Room Scheduler28,000 KYD-3%
Operating Room Services Director90,300 KYD+210%
Ophthalmic Assistant33,000 KYD+14%
Ophthalmic Laboratory Technician31,000 KYD+7%
Optician70,300 KYD+140%
Orthopedic Technician31,700 KYD+10%
Orthoptist88,600 KYD+210%
Orthotist83,300 KYD+190%
Pathology Assistant31,000 KYD+7%
Perfusionist92,600 KYD+220%
Phlebotomist24,100 KYD-17%
Pre Authorization Case Manager44,000 KYD+52%
Prosthetist73,800 KYD+150%
Radiation Therapist102,000 KYD+250%
Radiation Therapy Technologist44,300 KYD+53%
Radiographer71,400 KYD+150%
Radiography Technologist41,700 KYD+44%
Radiologic Technologist45,200 KYD+56%
Radiology Technologist44,300 KYD+53%
Respiratory Care Practitioner79,400 KYD+170%
Respiratory Therapist63,200 KYD+120%
Respiratory Therapy Technician36,400 KYD+26%
Sonographer43,400 KYD+50%
Sonography Technologist43,400 KYD+50%
Speech and Language Pathologist65,100 KYD+120%
Ultrasonographer34,700 KYD+20%
Ultrasound Technologist34,600 KYD+20%
Vascular Technologist31,000 KYD+7%
X-Ray Technologist44,300 KYD+53%

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 on average across all sectors.

Private Sector
35,400 KYD
Public Sector+21%
42,800 KYD
Percentage increase and decrease are relative to the previous value

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