Occupational Wage Survey 2023 Report Released

Today, the Economics and Statistics Office released the Occupational Wage Survey 2023 Report. The Occupational Wage Survey (OWS) was conducted across all types of businesses from October 2023 to March 2024. 745 respondents to the OWS 2023 supplied data on the 16,694 employees represented in the Report.

The Report consists largely of tables showing the average monthly basic earnings and monthly total compensation for each occupation coded according to the International Standard Classification of Occupations (2008 Revision). Basic earnings is comprised of basic salary and wages, including overtime pay. In contrast, total compensation comprises basic earnings and other compensation types (acting or duty allowance, commission, bonus, gratuities and tips).

The average monthly total compensation in the Cayman Islands was $5,043. Male employees had an average monthly total compensation of $5,155, while female employees had $5,012.

The average monthly compensation for Caymanian employees was $5,335, while the corresponding average for non-Caymanian employees was $4,615.

Employees from the following industries had the highest average monthly total compensation: Professional, scientific and technical activities (mainly legal and accounting) earned $9,743 monthly, and Financial and insurance activities earned $8,954 monthly.

Employees from the following sectors had the lowest average monthly compensation: Accommodation Services earned $2,491 monthly, and Restaurants and Mobile Food Services Activities earned $2,513 monthly.

The median monthly total compensation was $4,100, lower than average. This indicates that most employees (62%) had total compensation less than the average of $5,043.

The Report also shows the percentage of employers (excluding households as employers) who indicated providing various benefits and allowances, including the following: health insurance – 93.7%; pension - 31%; vacation leave – 91%; bonus – 57.1%; and training and education allowance – 35.9%.

More information on the Cayman Islands’ Occupational Wage Survey 2023 Report may be obtained from www.eso.ky.