Average Salary in Cayman Islands 2024

Discover the intricacies of salaries in the Cayman Islands, including pay scales, wage gaps, and yearly increments. Unveil the breakdown of remuneration based on education levels, and explore how years of experience impact earning potential. Gain valuable insights into the dynamic landscape of salaries on this Caribbean island, and stay informed about the factors that contribute to salary fluctuations.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Cayman Islands in 2024?

What is the average salary in Cayman Islands in 2024?
4,800USD
(USD 56,500 yearly)
Low 2,200 USD
Average 4,800 USD
High 20,800 USD
You can expect to earn around USD 4,800 per month if you work in Cayman Islands. Keep in mind that salaries can range from USD 2,200 (lowest average) to USD 20,800 (highest average, actual maximum salary is higher). This average salary includes housing, transport, and other benefits. Salaries differ greatly depending on the career. For detailed salary information on specific job titles, please refer below.
In comparison with average salary in Cayman Islands in 2023, salaries changed by +0.8% so far. Looking ahead, economists project a gradual recovery in the job market. We will be able to fully compare 2023 and 2024 at the year's end.

Pay Scale and Salaries in Cayman Islands

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 20,800, 75% of the people earn USD 6,500 or less. 50% employees earn less USD 4,600 or less, 25% of the employees earn less than USD 3,500.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 20,800, 75% of the people earn USD 6,500 or less. 50% employees earn less USD 4,600 or less, 25% of the employees earn less than USD 3,500.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Cayman Islands the minimum salary is USD 2,200.

Median Salary

The median salary for Cayman Islands is USD 3,800, depicting the middle point of all salaries in a dataset. This figure provides a more balanced view of income distribution and is commonly used to estimate average earnings in various professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Cayman Islands the salary ranges from USD 2,200 to USD 20,800.

Annual Salary Increments in Cayman Islands

What is the average annual salary increment in the Cayman Islands? How frequently do employees receive salary raises?

In 2024 employees in Cayman Islands received around 0.8% salary increase. Please note that this is average across all job sectors. In comparison worldwide average for 2024 is 0.8%.Download chartGet chart linkShare on FacebookShare on Twitter
During 2024, Cayman Islands recorded an average salary increment of around 0.8% for its employees, spanning various job sectors. On a global scale, the average salary increase for 2024 is 0.8%.

Historical Graph of Annual Salary Increments in Cayman Islands

Within the past years, employees in Cayman Islands have seen their salaries increase by an average of 3.4% per year. This encompasses a range of -0.4% to 8.0% increment per year.Download chartGet chart linkShare on FacebookShare on Twitter
Employees in Cayman Islands received in recent years salary increase from -0.4% to 8.0% on average per year. It means 3.4% increment per year on average.

Salary Forecast and Trends for the Future in Cayman Islands

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.3%. Estimated range is between 1.8% and 5.0%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.3%. Estimated range is between 1.8% and 5.0%.

Gender Wage Gap in Cayman Islands

What is the difference in pay between mens and womens? Men vs. women salary comparison.

In Cayman Islands, the actual wage gap amounts to 8.0%.Download chartGet chart linkShare on FacebookShare on Twitter
Cayman Islands has an actual wage gap of 8.0%.
It's due to many factors, such as:
  • Bias towards a particular gender.
  • On an average, women take 10% more days of paid leave compared to men annually.
  • Women are underrepresented when it comes to having a college degree compared to men.
  • Taking up caregiving responsibilities for children and elderly relatives is more common among women than among men.
  • The likelihood of women working part-time is higher than that of men, and part-time workers generally earn less than full-time workers.
  • Men, as opposed to women, are more likely to work in higher-paying occupations.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

The completion of high school and the acquisition of a bachelor's degree offer a myriad of benefits. Above all, it greatly enhances career prospects, resulting in higher earning potential and expanded job possibilities. Apart from financial rewards, pursuing a bachelor's degree fosters personal growth, nurtures critical thinking skills, and provides the chance to specialize in a specific area of interest. It also facilitates valuable networking opportunities and encourages the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative experience that paves the way for a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. is indicative of someone's commitment to knowledge and their potential for a successful and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of around 9%-13%. Expertise and leadership bring higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of roughly 9%-13%. Expertise and leadership earn higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Cayman Islands

What is the average hourly wage in the Cayman Islands?

Average Hourly Wage
28USD
Low 12 USD
Average 28 USD
High 122 USD

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Planning for expenses and budgeting can be challenging when dealing with hourly wages that result in irregular or fluctuating income.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks typically associated with full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can disturb work-life balance and make it challenging to maintain consistent routines.
  • Uncertain job security: Hourly positions have a higher risk of job insecurity compared to salaried positions because of their susceptibility to layoffs, downsizing, or changes in demand.
  • Limited career advancement: Some hourly roles might have restricted possibilities for career advancement, professional growth, or upward movement within the organization.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Cayman Islands

What are the best paying jobs in Cayman Islands?

List with best paid jobs in Cayman IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Cayman Islands?

  1. Surgeon (USD 20,500)
  2. Doctor (USD 18,600)
  3. Chief Executive Officer (CEO) (USD 17,700)
  4. Registered Nurse Anesthetist (USD 17,300)
  5. Dentist (USD 16,500)
  6. Airline Pilot (USD 16,000)
  7. Intellectual Property Lawyer (USD 15,400)
  8. Marketing Manager (USD 13,600)
  9. Marketing Director (USD 13,600)
  10. Sales Director (USD 12,800)
  11. Sales Manager (USD 12,800)
  12. Petroleum Engineer (USD 12,700)
  13. Brand Manager (USD 12,400)
  14. Marketer (USD 12,400)
  15. Judge (USD 12,200)
  16. Treasurer (USD 12,000)
  17. Controller (USD 12,000)
  18. Pharmacist (USD 11,800)
  19. Tax Lawyer (USD 11,600)
  20. Lawyer (USD 11,600)
List with worst paid jobs in Cayman IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Cayman Islands?

  1. Cashier (USD 2,300)
  2. Childcare Worker (USD 2,400)
  3. Stock clerk (USD 2,400)
  4. Elder Care Worker (USD 2,400)
  5. Receptionist (USD 2,500)
  6. Bartender (USD 2,700)
  7. Food and beverage server (USD 2,700)
  8. Janitor (USD 2,800)
  9. Waiter (USD 2,800)
  10. Tour Guide (USD 2,800)
  11. Customer Service Representative (USD 3,400)
  12. Hotel Concierge (USD 3,400)
  13. Rehabilitation Counselor (USD 3,500)
  14. Travel Agent (USD 3,700)
  15. Secretary (USD 3,900)
  16. Painter (USD 4,000)
  17. Carpenter (USD 4,100)
  18. Bus Driver (USD 4,200)
  19. Artist (USD 4,300)
  20. Truck Driver (USD 4,300)
List with best paid industries in Cayman IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 13,100)
  2. Business and Management (USD 11,200)
  3. Marketing and Sales (USD 10,300)
  4. Engineering (USD 9,500)
  5. Law (USD 9,000)
  6. Accounting and Finance (USD 8,900)
  7. Computer and Information Technology (USD 8,800)
  8. Transportation and Logistics (USD 8,500)
  9. Science (USD 8,500)
  10. Education and Training (USD 7,000)
  11. Other (USD 5,200)
  12. Hospitality and Tourism (USD 4,400)
  13. Social Services (USD 3,600)
  14. Services (USD 3,300)