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Laboratory Technician Average Salary in Faroe Islands 2020

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


Average Monthly Salary
20,400 DKK
( 245,000 DKK yearly)

LOW
10,200
DKK
AVERAGE
20,400
DKK
HIGH
31,600
DKK

A person working as a Laboratory Technician in Faroe Islands typically earns around 20,400 DKK per month. Salaries range from 10,200 DKK (lowest) to 31,600 DKK (highest).

This is the average monthly 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 Faroe Islands

Median and salary distribution monthly Faroe Islands Laboratory Technician
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The median, the maximum, the minimum, and the range

  • Salary Range

    Laboratory Technician salaries in Faroe Islands range from 10,200 DKK per month (minimum salary) to 31,600 DKK per month (maximum salary).

  • Median Salary

    The median salary is 20,400 DKK per month, which means that half (50%) of people working as Laboratory Technician(s) are earning less than 20,400 DKK while the other half are earning more than 20,400 DKK. 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 13,800 DKK while 75% of them are earning more than 13,800 DKK. Also from the diagram, 75% of Laboratory Technician(s) are earning less than 26,000 DKK while 25% are earning more than 26,000 DKK.


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 monthly Faroe 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 12,200 DKK per month.

While someone with an experience level between two and five years is expected to earn 16,200 DKK per month, 32% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 21,700 DKK per month, 34% 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 25,800 DKK per month, 19% 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 27,900 DKK per month, 8% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 29,900 DKK per month, 7% more than people with fifteen to twenty years of experience.


Laboratory Technician average salary change by experience in Faroe Islands

0 - 2 Years
12,200 DKK
2 - 5 Years+32%
16,200 DKK
5 - 10 Years+34%
21,700 DKK
10 - 15 Years+19%
25,800 DKK
15 - 20 Years+8%
27,900 DKK
20+ Years+7%
29,900 DKK
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 monthly Faroe 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 17,500 DKK per month.

While someone with a Master's Degree gets a salary of 27,500 DKK per month, 58% more than someone having a Bachelor's Degree degree.


Laboratory Technician average salary difference by education level in Faroe Islands

Bachelor's Degree
17,500 DKK
Master's Degree+58%
27,500 DKK
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 Faroe Islands costs anywhere from 134,000 Danish Krone(s) to 401,000 Danish Krone(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 monthly Faroe 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 Faroe Islands earn 6% more than their female counterparts on average.

Male
21,000 DKK
Female-6%
19,700 DKK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Faroe Islands for all Careers

Salary comparison by gender monthly Faroe Islands
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Laboratory Technician Average Annual Salary Increment Percentage in Faroe Islands

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

Laboratory Technician

Laboratory Technician(s) in Faroe Islands are likely to observe a salary increase of approximately 5% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Faroe 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.

Faroe 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 Faroe Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Faroe 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 Faroe Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Faroe 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.

88% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 12% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 3% of their annual salary.

Received Bonus
12%
No Bonus
88%

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 Faroe Islands


120 DKK per hour

The average hourly wage (pay per hour) in Faroe Islands is 120 DKK. This means that the average Laboratory Technician in Faroe Islands earns approximately 120 DKK 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 monthly Faroe Islands
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The average salary for Laboratory Technician is 39% 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 Clinician51,300 DKK+150%
Admitting Officer19,800 DKK-3%
Ambulance Dispatcher20,700 DKK+1%
Ambulance Driver18,500 DKK-9%
Ambulance Officer and Paramedic21,000 DKK+3%
Ambulatory Services Director37,600 DKK+84%
Anatomic Pathology Supervisor46,600 DKK+130%
Anesthesia Technician29,100 DKK+43%
Anesthesiologist83,700 DKK+310%
Anesthesiology Assistant29,300 DKK+44%
Assistant Optometrist22,400 DKK+10%
Audiologist47,500 DKK+130%
Biomedical Engineering Director36,100 DKK+77%
Biomedical Engineering Technician18,400 DKK-10%
Cardiac Technician19,100 DKK-6%
Cardiovascular Specialist100,000 DKK+390%
Cardiovascular Technologist36,900 DKK+81%
Central Sterile Processing Technician21,600 DKK+6%
Charge Entry Specialist23,400 DKK+15%
Clinical Application Specialist23,900 DKK+17%
Clinical Biochemist46,800 DKK+130%
Clinical Cytogeneticist38,800 DKK+90%
Clinical Data Reviewer23,200 DKK+14%
Clinical Development Specialist31,100 DKK+52%
Clinical Field Associate24,200 DKK+19%
Clinical Genetic Technologist37,100 DKK+82%
Clinical Microbiologist49,600 DKK+140%
Clinical Molecular Geneticist40,100 DKK+97%
Clinical Neuropsychologist50,900 DKK+150%
Clinical Research Coordinator27,500 DKK+35%
Clinical Scientist52,900 DKK+160%
CME Specialist41,600 DKK+100%
CT Technologist25,200 DKK+24%
Cytogenetic Technologist36,600 DKK+79%
Diagnostic Medical Sonographer29,300 DKK+44%
Dispensing Optician24,300 DKK+19%
Dosimetrist35,800 DKK+76%
EKG Technician23,600 DKK+16%
Endoscopic Assistant22,000 DKK+8%
Endoscopy Technician21,200 DKK+4%
Enterostomal Therapist33,200 DKK+63%
Epidemiologist43,200 DKK+110%
FGP Ultrasound Techncian20,600 DKK+1%
Health Systems Specialist29,600 DKK+45%
Health Technologist35,600 DKK+75%
Healthcare Data Analyst24,100 DKK+18%
Hearing Aid Specialist27,300 DKK+34%
Histotechnologist33,000 DKK+62%
Immunologist46,200 DKK+130%
Industrial Hygienist34,200 DKK+68%
Infection Control Coordinator24,300 DKK+19%
Infection Control Practitioner54,200 DKK+170%
Infection Preventionist37,800 DKK+85%
Informatics Practice Specialist29,000 DKK+42%
Interventional Radiographer42,300 DKK+110%
Lab Assistant20,400 DKK+0%
Laboratory Manager36,100 DKK+77%
Laboratory Technician20,400 DKK+0%
Low Vision Therapist42,600 DKK+110%
Mammography Technician19,600 DKK-4%
Medical Coder18,200 DKK-11%
Medical Courier13,800 DKK-32%
Medical Equipment Preparer20,200 DKK-1%
Medical Forms Designer17,500 DKK-14%
Medical Technologist22,800 DKK+12%
MRI Technologist19,600 DKK-4%
Music Therapist30,100 DKK+48%
Neonatologist54,500 DKK+170%
Neurodiagnostic Techncian21,800 DKK+7%
Neuropsychology Testing Assistant17,800 DKK-13%
Nuclear Medical Technician29,300 DKK+44%
Nuclear Medicine Technolgoist29,800 DKK+46%
Nutrition Assistant19,700 DKK-3%
Occupaitional Therapy Assistant20,500 DKK+1%
Operating Room Scheduler18,900 DKK-7%
Operating Room Services Director56,900 DKK+180%
Ophthalmic Assistant21,600 DKK+6%
Ophthalmic Laboratory Technician21,000 DKK+3%
Optician44,200 DKK+120%
Orthopedic Technician22,700 DKK+11%
Orthoptist58,700 DKK+190%
Orthotist57,000 DKK+180%
Pathology Assistant20,800 DKK+2%
Perfusionist67,000 DKK+230%
Phlebotomist14,900 DKK-27%
Pre Authorization Case Manager29,200 DKK+43%
Prosthetist48,700 DKK+140%
Radiation Therapist70,400 DKK+250%
Radiation Therapy Technologist29,800 DKK+46%
Radiographer47,800 DKK+130%
Radiography Technologist29,000 DKK+42%
Radiologic Technologist30,600 DKK+50%
Radiology Technologist28,100 DKK+38%
Respiratory Care Practitioner55,300 DKK+170%
Respiratory Therapist39,200 DKK+92%
Respiratory Therapy Technician23,700 DKK+16%
Sonographer28,500 DKK+40%
Sonography Technologist29,300 DKK+44%
Speech and Language Pathologist41,900 DKK+110%
Ultrasonographer22,800 DKK+12%
Ultrasound Technologist23,000 DKK+13%
Vascular Technologist19,900 DKK-2%
X-Ray Technologist28,200 DKK+38%

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 Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
24,900 DKK
Public Sector+17%
29,200 DKK
Percentage increase and decrease are relative to the previous value

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