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Average Salary in Grenada 2020

How much money does a person working in Grenada make?


Average Monthly Salary
6,270 XCD
( 75,200 XCD yearly)

LOW
1,590
XCD
AVERAGE
6,270
XCD
HIGH
28,000
XCD

A person working in Grenada typically earns around 6,270 XCD per month. Salaries range from 1,590 XCD (lowest average) to 28,000 XCD (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 Grenada

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

  • Salary Range

    Salaries in Grenada range from 1,590 XCD per month (minimum salary) to 28,000 XCD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 6,270 XCD per month, which means that half (50%) of the population are earning less than 6,270 XCD while the other half are earning more than 6,270 XCD. 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 3,530 XCD while 75% of them are earning more than 3,530 XCD. Also from the diagram, 75% of the population are earning less than 17,100 XCD while 25% are earning more than 17,100 XCD.


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 Grenada costs anywhere from 31,300 East Caribbean Dollar(s) to 94,000 East Caribbean 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

Salary comparison by gender monthly Grenada
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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 Grenada earn 6% more than their female counterparts on avergae across all sectors.

Male
6,440 XCD
Female-6%
6,050 XCD
Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Grenada

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

Grenada

Employees in Grenada are likely to observe a salary increase of approximately 5% every 28 months.

Annual Salary Increment Rate Grenada
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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 Grenada is 2%.

Annual Increment Rate By Industry 2019

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Grenada
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65% of surveyed staff in Grenada reported that they haven't received any bonuses or incentives in the previous year while 35% 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
35%
No Bonus
65%

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.

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant4,050 XCD
Accounting Assistant3,120 XCD
Accounting Manager9,320 XCD
Bookkeeper2,780 XCD
Chartered Accountant5,480 XCD
Corporate Treasurer8,460 XCD
Financial Analyst7,410 XCD
Financial Manager11,300 XCD
Internal Auditor5,820 XCD

Administration / Reception / Secretarial
Administrative Assistant3,050 XCD
Office Manager5,150 XCD
Receptionist2,310 XCD
Secretary2,780 XCD

Advertising / Grapic Design / Events
Art Director5,710 XCD
Creative Director5,730 XCD
Graphic Designer3,760 XCD
Photographer3,220 XCD

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer7,510 XCD
Air Traffic Controller6,360 XCD
Flight Attendant4,140 XCD
Pilot10,700 XCD

Architecture
Architect7,530 XCD
CAD Drafter3,030 XCD

Automotive
Mechanic2,300 XCD
Service Advisor4,120 XCD

Banking
Bank Branch Manager10,700 XCD
Teller2,220 XCD

Bilingual
Teacher4,700 XCD
Translator5,480 XCD

Business Planning
Business Analyst7,590 XCD
Business Development Manager9,110 XCD
Project Manager6,660 XCD

Care Giving and Child Care
Nanny2,390 XCD
Nursery Teacher2,300 XCD

Construction / Building / Installation
Civil Engineer5,300 XCD
Construction Project Manager9,940 XCD
Health and Safety Officer2,670 XCD

Customer Service and Call Center
Call Center Representative2,210 XCD
Customer Service Manager7,740 XCD
Customer Service Representative2,340 XCD

Engineering
Electrical Engineer5,990 XCD
Engineer5,600 XCD
Mechanical Engineer5,590 XCD

Executive and Management
Chief Executive Officer13,800 XCD
Chief Financial Officer12,000 XCD
General Manager10,000 XCD

Food / Hospitality / Tourism / Catering
Chef3,700 XCD
Executive Chef4,160 XCD
Hotel Manager10,600 XCD
Travel Agent3,880 XCD
Waiter / Waitress1,910 XCD

Health and Medical
Dentist14,400 XCD
Dietitian11,700 XCD
Laboratory Technician4,440 XCD
Nurse4,870 XCD

Human Resources
Human Resources Manager9,320 XCD
Human Resources Officer3,530 XCD

Information Technology
Computer Technician4,410 XCD
Database Administrator5,740 XCD
Developer / Programmer5,780 XCD
Information Technology Manager10,300 XCD
Network Engineer5,280 XCD

Law Enforcement / Security / Fire
Police Officer3,580 XCD

Legal
Attorney11,300 XCD
Legal Assistant3,010 XCD

Media / Broadcasting / Arts / Entertainment
Journalist6,510 XCD

Pharmaceutical and Biotechnology
Biomedical Engineer5,110 XCD
Pharmacist8,020 XCD

Sales Retail and Wholesale
Cashier2,210 XCD
Sales Manager10,500 XCD
Sales Representative3,900 XCD

Teaching / Education
Elementary School Teacher4,050 XCD
Secondary School Teacher5,110 XCD

Average Hourly Wage in Grenada


36 XCD per hour

The average hourly wage (pay per hour) in Grenada is 36 XCD. This means that the average person in Grenada earns approximately 36 XCD 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.

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 Grenada earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
6,020 XCD
Public Sector+7%
6,450 XCD
Percentage increase and decrease are relative to the previous value

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