📉 Majority of Cayman Islands workforce earns $4k or less monthly

In the Cayman Islands, around 58% of workers are earning $4,000 or less per month, indicating a struggle to make ends meet despite full-time employment. This data comes from the ESO’s Occupational Wage Survey, providing a glimpse into the earnings and compensation of the country's workforce from March last year to this year. The average monthly total compensation, including benefits and bonuses, was $5,043. However, the majority of people earn far less, with over 62% of the workforce receiving only $4,100 monthly in total compensation. The wage disparity is significant, with employees in the legal and accounting sectors earning an average monthly compensation package of $9,743, while those in the accommodation sector average just $2,491. 📊

Caymanian workers earn more than overseas workers, with an average basic wage of $4,968 per month, compared to $4,200 for overseas workers. Men earn approximately $100 a month more than women. While most employers provide some form of benefits to their workers, almost 40% do not offer paid maternity leave. Despite health insurance being mandatory under the law, only 31% of employers reported paying the mandatory pension payments for employees at the time of the survey. The ESO did not provide reasons for the low number of employers paying pensions. 📑