Average Salary in Sri Lanka 2024

Discover the intricacies of salary in Sri Lanka with an insightful article that delves into various aspects. Uncover the systematic pay scale, shedding light on the wage gap and yearly increments. Gain valuable insights on how salaries breakdown based on education level and years of experience, opening doors to understanding the dynamics of earning potential in this diverse country. Explore this comprehensive guide to salary in Sri Lanka and equip yourself with the knowledge to make informed decisions.

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 Sri Lanka in 2024?

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What is the average salary in Sri Lanka in 2024?

190USD

(USD 2,300 yearly)

Low 90 USD

Average 190 USD

High 830 USD

A person working in Sri Lanka typically earns around USD 190 per month. Salaries range from USD 90 (lowest average) to USD 830 (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 Sri Lanka in 2023, salaries changed by +0.7% 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 the year.

Check out the average salary in Sri Lanka. Check out the average salary in Sri Lanka.

Pay Scale and Salaries in Sri Lanka

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 830, 75% of the people earn USD 260 or less. 50% employees earn less USD 190 or less, 25% of the employees earn less than USD 140.

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Salary Structure

Nearly everyone earns less than USD 830, 75% of the people earn USD 260 or less. 50% employees earn less USD 190 or less, 25% of the employees earn less than USD 140.

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 Sri Lanka the minimum salary is USD 90.

Median Salary

Median Salary represents the middle point of all salaries in a dataset, with half of the values above and half below it. It provides a more balanced view of income distribution, making it less sensitive to extreme values, and is commonly used to gauge average earnings in various professions and industries. In Sri Lanka the median salary is USD 150.

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 Sri Lanka the salary ranges from USD 90 to USD 830.

Annual Salary Increments in Sri Lanka

What is the average annual salary increment in the Sri Lanka? How frequently do employees receive salary raises?

During 2024, Sri Lanka recorded an average salary increment of around 0.7% for its employees, spanning various job sectors. On a global scale, the average salary increase for 2024 is 0.7%.

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In 2024, Sri Lanka employees received an average salary increase of 0.7%. It's essential to note that this is an average figure across all job sectors. Globally, the average salary increment for 2024 is 0.7%.

Historical Graph of Annual Salary Increments in Sri Lanka

On average, employees in Sri Lanka experienced a salary increase ranging from 0.7% to 6.2% per year in recent years. This translates to an average increment of 2.8% per year.

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The salary of employees in Sri Lanka has been increasing in recent years, with an average yearly increment of 2.8%. The increment ranges from 0.7% to 6.2% per year.

Salary Forecast and Trends for the Future in Sri Lanka

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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 3.2%. Estimated range is between 1.8% and 4.9%.

Gender Wage Gap in Sri Lanka

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

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In Sri Lanka, the gender wage gap is 9.0%.

It's due to many factors, such as:

Gender bias.
On average, women use 10% more paid vacation days per year compared to men.
Women are less likely than men to have a college degree.
Women are more likely than men to take on caregiving responsibilities for children and elderly relatives.
Compared to men, women are more prone to opt for part-time work, which often results in lower earnings than full-time employment.
Women are more likely to work in lower-paying occupations than men.

Check out the average salary in Sri Lanka. Check out the average salary in Sri Lanka.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

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. 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.

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

High school completion and achieving a bachelor's degree offer numerous advantages. Primarily, they substantially improve career prospects, resulting in increased earning potential and wider job options. Besides financial benefits, pursuing a bachelor's degree fosters personal growth, sharpens critical thinking abilities, and enables specialization in a chosen field. It also provides valuable networking prospects and facilitates the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a life-altering path that opens doors to a more satisfying and successful 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. underscores an unwavering commitment to intellectual exploration and a promising 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 14%-18% 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 roughly 10%-14%. Expertise and leadership earn higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% higher, mirroring strategic influence and heightened leadership contributions.

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Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 14%-18% 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 10%-14%. 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 19%-23% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Sri Lanka

What is the average hourly wage in the Sri Lanka?

Average Hourly Wage

1USD

Low 1 USD

Average 1 USD

High 5 USD

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

Income instability: Hourly wages can lead to irregular or fluctuating income, posing challenges for budgeting and expense planning.
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: 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: Within the organization, a few hourly jobs may present 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.