Average Salary in Turks and Caicos Islands 2024

Discover the captivating world of salaries in the Turks and Caicos Islands! Explore the intriguing pay scale, unravel the secrets of the wage gap, and delve into the dynamics of annual salary increments. Unlock valuable insights as we break down the salary structure based on education levels and years of experience. From coveted entry-level positions to prestigious careers, this article unveils the unique earning landscape of the Turks and Caicos Islands. Get ready to uncover the economic heartbeat of this enchanting archipelago and gain a comprehensive understanding of salaries in this tropical paradise.
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 Turks and Caicos Islands in 2024?

What is the average salary in Turks and Caicos Islands in 2024?
3,900USD
(USD 46,300 yearly)
Low 1,800 USD
Average 3,900 USD
High 17,100 USD
In Turks and Caicos Islands, individuals usually earn an average salary of USD 3,900 per month. Nonetheless, salaries can span from USD 1,800 (lowest average) to USD 17,100 (highest average, actual maximum salary is higher). The indicated salary incorporates housing, transport, and other benefits. There are significant variations in salaries across diverse professions. To find out about specific job titles and their respective salaries, please see the information below.
In comparison with average salary in Turks and Caicos Islands in 2023, salaries changed by +0.6% so far. Looking ahead, economists project a gradual recovery in the job market. A detailed comparison of 2023 and 2024 will be available at the end of the year.

Pay Scale and Salaries in Turks and Caicos Islands

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 17,100, 75% of the people earn USD 5,400 or less. 50% employees earn less USD 3,800 or less, 25% of the employees earn less than USD 2,800.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 17,100, 75% of the people earn USD 5,400 or less. 50% employees earn less USD 3,800 or less, 25% of the employees earn less than USD 2,800.

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 Turks and Caicos Islands the minimum salary is USD 1,800.

Median Salary

In Turks and Caicos Islands, the median salary is USD 3,100, which represents the middle point of all salaries in a dataset, with half of the values above and half below it. This measurement provides a more balanced view of income distribution and is commonly used to gauge 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 Turks and Caicos Islands the salary ranges from USD 1,800 to USD 17,100.

Annual Salary Increments in Turks and Caicos Islands

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

In 2024 employees in Turks and Caicos Islands received around 0.6% salary increase. Please note that this is average across all job sectors. In comparison worldwide average for 2024 is 0.6%.Download chartGet chart linkShare on FacebookShare on Twitter
During 2024, Turks and Caicos Islands recorded an average salary increment of around 0.6% for its employees, spanning various job sectors. On a global scale, the average salary increase for 2024 is 0.6%.

Historical Graph of Annual Salary Increments in Turks and Caicos Islands

Employees in Turks and Caicos Islands received in recent years salary increase from 0.6% to 5.2% on average per year. It means 2.6% increment per year on average.Download chartGet chart linkShare on FacebookShare on Twitter
In the past years, employees in Turks and Caicos Islands have seen their salaries rise by an average of 2.6% per year. The increment ranges from 0.6% to 5.2% per year on average.

Salary Forecast and Trends for the Future in Turks and Caicos 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 2.7%. Estimated range is between 1.5% and 4.2%.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 2.7%. Estimated range is between 1.5% and 4.2%.

Gender Wage Gap in Turks and Caicos Islands

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

Actual wage gap in Turks and Caicos Islands is 7.0%.Download chartGet chart linkShare on FacebookShare on Twitter
7.0% is the current wage gap in Turks and Caicos Islands.
It's due to many factors, such as:
  • Gender discrimination.
  • On average, women take 10% additional days of paid vacation compared to men each year.
  • Compared to men, women are less likely to hold a college degree.
  • Taking up caregiving responsibilities for children and elderly relatives is more common among women than among men.
  • Part-time work is more common among women, and they typically earn less than their full-time counterparts.
  • When it comes to occupations, women are more inclined towards lower-paying ones than men.

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.Download chartGet chart linkShare on FacebookShare on Twitter

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. 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 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 around 13%-17%. Expertise and leadership bring higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 21%-25% 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 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 roughly 13%-17%. 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 21%-25% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Turks and Caicos Islands

What is the average hourly wage in the Turks and Caicos Islands?

Average Hourly Wage
23USD
Low 10 USD
Average 23 USD
High 100 USD

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

  • Income instability: Hourly wages may result in irregular or fluctuating income, making it challenging to budget and plan for expenses.
  • 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 normally affiliated 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 interrupt work-life balance and make it difficult to maintain consistent routines.
  • Uncertain job security: Job insecurity can be higher in hourly positions compared to salaried positions due to 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 Turks and Caicos Islands

What are the best paying jobs in Turks and Caicos Islands?

List with best paid jobs in Turks and Caicos IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Turks and Caicos Islands?

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

Lowest paying jobs Turks and Caicos Islands?

  1. Cashier (USD 1,900)
  2. Childcare Worker (USD 1,900)
  3. Stock clerk (USD 2,000)
  4. Elder Care Worker (USD 2,000)
  5. Receptionist (USD 2,100)
  6. Bartender (USD 2,200)
  7. Food and beverage server (USD 2,300)
  8. Janitor (USD 2,300)
  9. Waiter (USD 2,300)
  10. Tour Guide (USD 2,300)
  11. Customer Service Representative (USD 2,800)
  12. Hotel Concierge (USD 2,800)
  13. Rehabilitation Counselor (USD 2,800)
  14. Travel Agent (USD 3,100)
  15. Secretary (USD 3,200)
  16. Painter (USD 3,300)
  17. Carpenter (USD 3,400)
  18. Bus Driver (USD 3,500)
  19. Artist (USD 3,500)
  20. Truck Driver (USD 3,600)
List with best paid industries in Turks and Caicos IslandsDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 10,800)
  2. Business and Management (USD 9,200)
  3. Marketing and Sales (USD 8,400)
  4. Engineering (USD 7,800)
  5. Law (USD 7,400)
  6. Accounting and Finance (USD 7,300)
  7. Computer and Information Technology (USD 7,200)
  8. Transportation and Logistics (USD 7,000)
  9. Science (USD 7,000)
  10. Education and Training (USD 5,800)
  11. Other (USD 4,300)
  12. Hospitality and Tourism (USD 3,600)
  13. Social Services (USD 3,000)
  14. Services (USD 2,700)