Average Salary in Faroe Islands 2024

Exploring Salary Trends in the Faroe Islands: Unraveling the Pay Scale, Wage Gap, Yearly Increments, and Education-based Breakdown. Discover the intricacies of the Faroe Islands' salary landscape as we delve into the pay scale structure, highlighting the wage gap dynamics and factors influencing it. Get insights on the annual salary increments, associated with experience and education levels, and understand how these variables impact individuals' earning potential. Gain valuable knowledge about the Faroe Islands' salary ecosystem through this comprehensive article.
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 Faroe Islands in 2024?

What is the average salary in Faroe Islands in 2024?
2,200USD
(USD 26,000 yearly)
Low 980 USD
Average 2,200 USD
High 9,600 USD
The average salary in Faroe Islands is typically USD 2,200 per month. However, salaries can range from USD 980 (lowest average) to USD 9,600 (highest average, actual maximum salary is higher). This is the average 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.
In comparison with average salary in Faroe Islands in 2023, salaries changed by +0.8% so far. Looking ahead, economists project a gradual recovery in the job market. Full comparison 2023 and 2024 we are able to do it at the end of this year.

Pay Scale and Salaries in Faroe Islands

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 9,600, 75% of the people earn USD 3,000 or less. 50% employees earn less USD 2,100 or less, 25% of the employees earn less than USD 1,600.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 9,600, 75% of the people earn USD 3,000 or less. 50% employees earn less USD 2,100 or less, 25% of the employees earn less than USD 1,600.

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 Faroe Islands the minimum salary is USD 980.

Median Salary

The median salary for Faroe Islands is USD 1,800, 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 Faroe Islands the salary ranges from USD 980 to USD 9,600.

Annual Salary Increments in Faroe Islands

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

In 2024 employees in Faroe 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
In 2024, the average salary increment for Faroe Islands employees was 0.8%. Please note that this is an average across all job sectors. On a global scale, the average for 2024 is 0.8%.

Historical Graph of Annual Salary Increments in Faroe Islands

On an average, employees in Faroe Islands have received a salary increase ranging from 0.3% to 8.3% per year in recent years. This translates to an average increment of 3.9% per year.Download chartGet chart linkShare on FacebookShare on Twitter
In recent years, the salary of employees in Faroe Islands has witnessed an average yearly increase of 3.9%. This corresponds to a range of 0.3% to 8.3% increment per year.

Salary Forecast and Trends for the Future in Faroe 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 3.5%. Estimated range is between 1.9% and 5.3%.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 3.5%. Estimated range is between 1.9% and 5.3%.

Gender Wage Gap in Faroe Islands

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

Actual wage gap in Faroe Islands is 7.0%.Download chartGet chart linkShare on FacebookShare on Twitter
In Faroe Islands, the actual wage gap amounts to 7.0%.
It's due to many factors, such as:
  • Discrimination against a specific gender.
  • On average, women take 10% more days of paid vacation than men each year.
  • Men are more likely than women to have a college degree.
  • Women are more likely than men to take on caregiving responsibilities for children and elderly relatives.
  • Part-time work is more common among women, and they typically earn less than their full-time counterparts.
  • Women are more likely to work in lower-paying occupations than men.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and earning a bachelor's degree comes with a plethora of benefits. First and foremost, it significantly enhances career opportunities, allowing for higher income potential and greater access to diverse job prospects. 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

Completing high school and attaining a bachelor's degree yields a host of benefits. Above all, it significantly enhances career prospects by increasing earning potential and broadening access to a greater variety of job opportunities. Along with financial rewards, pursuing a bachelor's degree promotes personal growth, cultivates critical thinking skills, and allows for specialization in a chosen field of interest. Furthermore, it facilitates valuable networking possibilities and fosters the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative path that opens doors to 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. manifests a strong passion for learning and advancing society through a rewarding 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 18%-22% 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 approximately 13%-17%. Expertise and leadership yield higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 20%-24% 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 18%-22% 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 around 13%-17%. Expertise and leadership garner 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 20%-24% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Faroe Islands

What is the average hourly wage in the Faroe Islands?

Average Hourly Wage
13USD
Low 6 USD
Average 13 USD
High 56 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 connected to full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can upset work-life balance and make it difficult to maintain consistent routines.
  • Uncertain job security: In comparison to salaried positions, hourly positions can face greater job insecurity as they are more prone to layoffs, downsizing, or changes in demand.
  • Limited career advancement: Some hourly positions within the organization may offer limited opportunities for career growth, professional development, or upward mobility.
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 Faroe Islands

What are the best paying jobs in Faroe Islands?

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

Highest paying jobs Faroe Islands?

  1. Surgeon (USD 9,500)
  2. Doctor (USD 8,600)
  3. Chief Executive Officer (CEO) (USD 8,200)
  4. Registered Nurse Anesthetist (USD 8,000)
  5. Dentist (USD 7,600)
  6. Airline Pilot (USD 7,400)
  7. Intellectual Property Lawyer (USD 7,100)
  8. Marketing Manager (USD 6,300)
  9. Marketing Director (USD 6,300)
  10. Sales Director (USD 5,900)
  11. Sales Manager (USD 5,900)
  12. Petroleum Engineer (USD 5,900)
  13. Brand Manager (USD 5,700)
  14. Marketer (USD 5,700)
  15. Judge (USD 5,700)
  16. Treasurer (USD 5,600)
  17. Controller (USD 5,600)
  18. Pharmacist (USD 5,400)
  19. Tax Lawyer (USD 5,400)
  20. Lawyer (USD 5,400)
List with worst paid jobs in Faroe IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Faroe Islands?

  1. Cashier (USD 1,100)
  2. Childcare Worker (USD 1,100)
  3. Stock clerk (USD 1,100)
  4. Elder Care Worker (USD 1,100)
  5. Receptionist (USD 1,200)
  6. Bartender (USD 1,300)
  7. Food and beverage server (USD 1,300)
  8. Janitor (USD 1,300)
  9. Waiter (USD 1,300)
  10. Tour Guide (USD 1,300)
  11. Customer Service Representative (USD 1,600)
  12. Hotel Concierge (USD 1,600)
  13. Rehabilitation Counselor (USD 1,600)
  14. Travel Agent (USD 1,800)
  15. Secretary (USD 1,800)
  16. Painter (USD 1,900)
  17. Carpenter (USD 1,900)
  18. Bus Driver (USD 2,000)
  19. Artist (USD 2,000)
  20. Truck Driver (USD 2,000)
List with best paid industries in Faroe IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 6,100)
  2. Business and Management (USD 5,200)
  3. Marketing and Sales (USD 4,800)
  4. Engineering (USD 4,400)
  5. Law (USD 4,200)
  6. Accounting and Finance (USD 4,100)
  7. Computer and Information Technology (USD 4,100)
  8. Transportation and Logistics (USD 4,000)
  9. Science (USD 3,900)
  10. Education and Training (USD 3,300)
  11. Other (USD 2,400)
  12. Hospitality and Tourism (USD 2,000)
  13. Social Services (USD 1,700)
  14. Services (USD 1,500)