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 salaries in Cayman Islands range from 13,900 KYD per year (minimum salary) to 45,400 KYD per year (maximum 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.
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.
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 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.
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.
|0 - 2 Years|
|2 - 5 Years||+42%|
|5 - 10 Years||+31%|
|10 - 15 Years||+23%|
|15 - 20 Years||+6%|
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.
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.
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.
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.
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 Cayman Islands for the year 2020. 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.
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.
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.
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.
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.
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.
|Job Title||Average Salary|
|Academic Clinician||78,300 KYD||+170%|
|Admitting Officer||29,600 KYD||+2%|
|Ambulance Dispatcher||29,400 KYD||+2%|
|Ambulance Driver||28,100 KYD||-3%|
|Ambulance Officer and Paramedic||32,000 KYD||+11%|
|Ambulatory Services Director||55,500 KYD||+92%|
|Anatomic Pathology Supervisor||68,900 KYD||+140%|
|Anesthesia Technician||41,700 KYD||+44%|
|Anesthesiology Assistant||40,800 KYD||+41%|
|Assistant Optometrist||32,400 KYD||+12%|
|Biomedical Engineering Director||55,400 KYD||+91%|
|Biomedical Engineering Technician||27,400 KYD||-5%|
|Cardiac Technician||27,600 KYD||-5%|
|Cardiovascular Specialist||153,000 KYD||+430%|
|Cardiovascular Technologist||54,400 KYD||+88%|
|Central Sterile Processing Technician||32,100 KYD||+11%|
|Charge Entry Specialist||37,600 KYD||+30%|
|Clinical Application Specialist||37,100 KYD||+28%|
|Clinical Biochemist||65,200 KYD||+130%|
|Clinical Cytogeneticist||57,900 KYD||+100%|
|Clinical Data Reviewer||35,000 KYD||+21%|
|Clinical Development Specialist||45,500 KYD||+57%|
|Clinical Field Associate||34,300 KYD||+19%|
|Clinical Genetic Technologist||56,400 KYD||+95%|
|Clinical Microbiologist||71,700 KYD||+150%|
|Clinical Molecular Geneticist||62,200 KYD||+110%|
|Clinical Neuropsychologist||75,500 KYD||+160%|
|Clinical Research Coordinator||44,000 KYD||+52%|
|Clinical Scientist||79,500 KYD||+170%|
|CME Specialist||58,300 KYD||+100%|
|CT Technologist||36,400 KYD||+26%|
|Cytogenetic Technologist||51,100 KYD||+77%|
|Diagnostic Medical Sonographer||43,400 KYD||+50%|
|Dispensing Optician||35,400 KYD||+22%|
|EKG Technician||33,300 KYD||+15%|
|Endoscopic Assistant||31,400 KYD||+8%|
|Endoscopy Technician||29,600 KYD||+2%|
|Enterostomal Therapist||49,800 KYD||+72%|
|FGP Ultrasound Techncian||32,000 KYD||+11%|
|Health Systems Specialist||44,200 KYD||+53%|
|Health Technologist||51,700 KYD||+79%|
|Healthcare Data Analyst||39,100 KYD||+35%|
|Hearing Aid Specialist||38,600 KYD||+33%|
|Industrial Hygienist||48,200 KYD||+67%|
|Infection Control Coordinator||36,600 KYD||+26%|
|Infection Control Practitioner||80,600 KYD||+180%|
|Infection Preventionist||54,400 KYD||+88%|
|Informatics Practice Specialist||42,100 KYD||+45%|
|Interventional Radiographer||63,200 KYD||+120%|
|Lab Assistant||29,500 KYD||+2%|
|Laboratory Manager||52,800 KYD||+82%|
|Laboratory Technician||28,900 KYD||-0%|
|Low Vision Therapist||64,400 KYD||+120%|
|Mammography Technician||28,800 KYD||-0%|
|Medical Coder||27,100 KYD||-6%|
|Medical Courier||19,900 KYD||-31%|
|Medical Equipment Preparer||30,400 KYD||+5%|
|Medical Forms Designer||25,600 KYD||-12%|
|Medical Technologist||32,800 KYD||+13%|
|MRI Technologist||31,000 KYD||+7%|
|Music Therapist||44,300 KYD||+53%|
|Neurodiagnostic Techncian||30,200 KYD||+4%|
|Neuropsychology Testing Assistant||27,500 KYD||-5%|
|Nuclear Medical Technician||40,500 KYD||+40%|
|Nuclear Medicine Technolgoist||40,500 KYD||+40%|
|Nutrition Assistant||30,100 KYD||+4%|
|Occupaitional Therapy Assistant||30,600 KYD||+6%|
|Operating Room Scheduler||28,000 KYD||-3%|
|Operating Room Services Director||90,300 KYD||+210%|
|Ophthalmic Assistant||33,000 KYD||+14%|
|Ophthalmic Laboratory Technician||31,000 KYD||+7%|
|Orthopedic Technician||31,700 KYD||+10%|
|Pathology Assistant||31,000 KYD||+7%|
|Pre Authorization Case Manager||44,000 KYD||+52%|
|Radiation Therapist||102,000 KYD||+250%|
|Radiation Therapy Technologist||44,300 KYD||+53%|
|Radiography Technologist||41,700 KYD||+44%|
|Radiologic Technologist||45,200 KYD||+56%|
|Radiology Technologist||44,300 KYD||+53%|
|Respiratory Care Practitioner||79,400 KYD||+170%|
|Respiratory Therapist||63,200 KYD||+120%|
|Respiratory Therapy Technician||36,400 KYD||+26%|
|Sonography Technologist||43,400 KYD||+50%|
|Speech and Language Pathologist||65,100 KYD||+120%|
|Ultrasound Technologist||34,600 KYD||+20%|
|Vascular Technologist||31,000 KYD||+7%|
|X-Ray Technologist||44,300 KYD||+53%|
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.