Average Salary in Guyana 2022
How much does a worker in Guyana earn?
The average monthly salary in Guyana is 175,000 GYD for a full-time worker. This is the equivalent of $604.76 USD per month or $7,551.52 per year.
About half of all workers in Guyana earn between 200,000 and 400,000 GYD per month (the equivalent of $747 to $1,483 USD), but many more people earn significantly less than that. A full-time worker on the minimum wage earns about 123,200 GYD per year (about $423 USD).
The average salary for a Guyanese working abroad is US$12,000 after deductions for food and accommodation expenses are accounted for.
Not many jobs offer salaries that high in Guyana. Most full-time jobs in this country pay an average of about 160,000 GYD per month, which is the equivalent of about $557.44 USD per month after currency conversion.
Guyana’s minimum wage is around 123,200 GYD for a full-time job or 10,500 GUY per hour.
Salary Distribution in Guyana
Monthly wages in Guyana begin at 44,300 GYD. However, the average monthly wage is 87,000 GYD.
At age 19, an individual begins to work full-time at $44,300 GYD. but usually ends up working for $65,240 after eleven years of experience. At this point in time, they are considered a mid-level manager. As managers level up in their careers they typically begin making 110,961 GYD.
This indicates that half of the population earns less than 168,000 GYD per month, while the other half earns more than 168,000 GYD per month. Out of the population, only 19% earn more than 300,000 GYD per month and about 4.5% earn more than 1 million GYD monthly.
The salary scale is broken down into five categories: managerial and executive positions; administrative and support positions; clerical and sales positions; craft and related trades positions; plant and machine operators and assemblers; and service workers such as security guards or cleaners.
25% of the population earns less than 95,700 GYD, whereas 75% earn more. Percentiles are an index of data. They show the percentage of income earners that earn less than a certain amount or value. This is one-way studies can compare different populations based on average income.
For example, 25% of the population earns less than 95,700 GYD, whereas 75% earn more. This information could be used to help determine who needs assistance with raising incomes for salaries or to help with creating salary cap limitations in the country. Percentiles are an index of data.
They show the percentage of income earners that earn less than a certain amount or value. This is one-way studies can compare different populations based on average income.
In terms of compensation, what is the difference between the average and the median?
Compensation is money that an individual receives in exchange for his time, effort, and abilities. It can be calculated using different methods that are based on factors such as salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay, etc.
One of the most popular ways to measure compensation is through averages and medians which are common economic statistics. An average is the sum of a group of numbers divided by how many numbers there are. A median is an exact middle or number before which half of the numbers fall below.
Comparing Salaries Based on Years of Experience in Guyana
How does a person’s wage change in Guyana?
The average monthly salary in Guyana is GYD$12,491. This means that the average person makes around $145 each day.
People who have worked for more than 5 years earn an average of around GYD$7,266 per month while people with less experience earn on average around GYD$5,786 per month.
The average monthly salary of workers in the tourism sector is GYD$5,830 while the average salary for agriculture employees is GYD$3,984.
People who work with computers make around GYD$8,075 per month and those employed by many small businesses earn an average of GYD$5,920. With each year that passes, people can expect to see their salary go up about 10%.
Comparing Salaries Based on Education in Guyana
Is there a correlation between education level and salary in Guyana?
Having a bachelor’s degree in Guyana will typically result in a higher starting salary than having an associate degree.
Of the different levels of education, bachelor’s degrees yield the highest average income. High school graduates are the lowest earners on average, with high school dropouts falling in between.
College graduates make more money on average but their salaries are not significantly higher than those of students who only have associate degrees (in fact, for newly hired workers with no experience, those who got associate degrees earn slightly more).
On average, college graduates make G$36,705 and those with only an associate degree make about G$32,399. People who drop out of high school or graduate from the secondary school typically make around G$30,872 and G$29,584 respectively.
Note that many graduates students who went to college end up not graduating as they cannot afford the high costs of tuition and other fees.
These people can be seen as those who “stop out”; those who stop out do not necessarily quit the education system completely but instead take time off between high school and university to work and save money for their return trip to the university.
Comparison of Wages for Men and Women in Guyana
On average, men in Guyana earn 8% more than women in all industries combined. Women in the mining industry, however, earn 18% more than men.
The disparity between wages for men and women in Guyana is influenced by the concentration of specific industries. For example, remuneration levels for female civil servants are lower than those of male civil servants because the latter is a more extensive government sector.
Guyana’s Average Annual Salary Increase
In Guyana, how much do employees be paid per year in raises? Are increases given to staff on a more regular basis?
Salary increases vary from company to company and industry to industry. Some companies give average salary raises of two percent to their employees, while others increase salaries after a certain time frame depending on the performance.
In Guyana, workers in major industries like banking, education, and public administration receive annual salary increases.
Salary increases are mostly given after six months of employment is completed.
However, in some companies, employees are not entitled to any form of the increase until they reach the age of 55 years old. Once this is achieved, they will be entitled to a 10% raise on their salaries for every five (5) years working in the company.
Annual Rate of Increase by Industry 2022
- Finance – 5%
- Business – 7%
- Professional Services – 8%
- Health Care – 10%
- Real Estate – 15%
- Construction – 16.5%
- Retail – 19.5%
- Tourism & Hospitality – 20.2%
Companies that are part of booming sectors are more likely to give their employees larger and more frequent increases.
General trends in economic conditions may have a significant impact on the health of a firm, although exceptions can arise. These numbers are subject to periodic revision.
Average Salary Increase Rates by Level of Experience in Guyana
Junior level workers in Guyana are generally paid more as they gain experience in their respective fields. As a result, the salary of said workers on average has increased by more than 11% each year since 2010
In comparison to junior-level workers, senior-level employees see a lower yearly increase rate on their salaries which is around 4%.
This can be partly explained due to the number of years spent practicing and gaining experience within a specific industry.
On average, an employee’s pay scale rises from between 20%-28% annually throughout all levels of employment except for senior-level employees who have been working for quite some time already. In addition business analysts also receive an annual increase on their wages at 7%.
Guyana’s Bonus & Incentive Rates
What is the amount and frequency with which bonuses are given?
Bonuses are given in Guyana based on a percentage of what an individual makes. These rates vary from industry to industry and also depend on the position that one holds.
Incentives are based on performance and could be either monetary or non-monetary in nature. Incentives are usually provided for good work or a job well done, while bonuses can be offered as a reward to employees who achieve a certain goal or milestone during a fiscal year.
The bonus rate is determined through negotiations between management and Union/Employee representatives after reviewing company budgets etc.
The bonus rate varies from 0-65% depending on the organization, classification of the employee working group, years of service at the company, etc. The higher the position, the higher is the percentage of bonus earned.
The bonus rate also varies depending on whether one is an employee or management. However, bonuses are now paid across all levels within companies in Guyana (management and employees).
Bonuses are now given annually to most employees as a token for good work, but this does not always happen. Most people receive their bonuses during December at Christmas time; however, some organizations/companies give it out during the month of July.
Some organizations do not pay out bonuses even if they made money because they claim that they did not make any profits or companies who make heavy losses have no choice but to cut back on their workers’ bonuses, etc.
Different Types of Bonuses
Individual Bonuses based on Employee Performance
These are a type of bonus that is given to an employee for performing well in their respective roles.
It helps motivate the employees and allows them to strive for excellence, which eventually becomes beneficial for both the company and the employees.
Bonuses based on Company Performance
Bonuses based on company performance are the type of bonus for which the company’s business performance is used to determine how much money an employee should receive as a bonus.
Commonly, these bonuses are based on various factors that measure success against goals set by managers at different levels of the organization. These bonuses are also known as performance-based bonuses.
Bonuses based on company performance can include sales bonuses or commissions paid to salespeople who meet or exceed their sales quota for the year.
Bonuses based on company performance may also go to manufacturing employees who reach goals for quality control, product improvements, and customer satisfaction ratings.
Employees are likely to receive more favorable terms if they have helped increase profits or cut costs in order to help improve the overall financial situation of the company.
Goal-based bonuses are common in the workplace to encourage workers to accomplish specific tasks. Workers may be given bonuses for completing a project within a time frame, meeting certain sales goals, or staying late and working during their scheduled break times.
For example, an employee might receive a $50 bonus if they complete all the requirements of their job before leaving work on Friday night.
Goal-based bonuses are similar to stretch goals where employees set personal performance objectives beyond the normal expectations of their role.
This has been shown as more effective than offering traditional bonuses which do not require any additional effort from the worker other than what is expected by their job description.
Seasonal / Year-End Bonuses
These are widely used to reward employees for the contributions they make over the course of a year. Companies offer these bonuses as an incentive to achieve high performance throughout the fiscal year and to maintain this level of performance at the end of it.
Depending on regional customs, companies may tie their bonus programs into national holidays or significant business events.
Seasonal / Year-End Bonuses are paid out regularly across regions and industries, including retail, hospitality/tourism, finance/banking, government, information technology (IT), marketing & advertising, legal services, and accounting/consulting.
However, it is important for employers to be aware that both their employment contracts and local laws may specify how bonuses are paid.
In many countries, employment contracts require that bonus payments be made when the employee meets specified objectives or upon completion of a specified period.
In some cases, employers are required to pay wages in lieu of notice if severance is due under the applicable law. While this practice varies by region, it is important for employers to consult with their legal counsel about payment terms before doling out these rewards.
Comparison of Bonuses by Chosen Profession
What makes a job worthy of high pay and large bonuses?
It is easy to figure out what makes a job worthy of high pay and large bonuses, as such jobs all share the same common denominator: money.
Any job that offers a large bonus or pay raise is indeed worth it as long as it does not tire out the worker. Such jobs include those in the private sector and those in public service.
The first sector would be banking and finance which has always been seen as one that pays above average compared to other industries and professions in Guyana.
Banks and financial institutions have never failed to reward their workers with hefty bonuses just for doing their job well, no matter how small or big the task may be; these companies will still give their employees some sort of compensation for outperforming expectations such as completing a task on time.
If a worker does not receive any bonus, it is probably because their bosses do not think highly of them or they did nothing exceptional to deserve the bonus.
Doctors working in private clinics or hospitals are also some of the best-paid professionals in Guyana. The doctors at these facilities earn more than most workers and they get several bonuses each month while some work for a fixed salary without getting extra perks.
Medical professionals usually get a lot of money from private health insurance companies as well as from patients, who can either pay cash or use a medical card called ‘scrip’ (which charges lower rates).
Doctors looking for long-term employment will often leave one hospital for better opportunities elsewhere, which is why many places a high value on doctors’ skills and experience.
Seniority-Level Bonus Comparisons
Senior employees in Guyana are paid larger bonuses the longer they work for an organization. For every year that an employee works for a company, he/she is entitled to receive five percent of his/her base salary as a bonus.
This means that an individual who has worked at the same place for 10 years would be paid 50% more than someone who just started working at that organization.
Individuals with three to five years of experience are also entitled to ten percent of their base salary as a bonus, six to eight years entitles them to 15%, nine to 10 years entitles them to 20%, and 11-15 years entitles employees 25%.
The executive members of organizations receive 30% based on conditions set by their employers. Seniority levels are determined differently in different industries, but in general, the longer an individual has worked for the organization, the higher their seniority level.
An employee can be compensated more than his or her entitlement by his/her employer if they so desire. However, this is not common practice, and employees are paid according to their entitled bonuses.
Salary Information For Popular Jobs
- Mechanic – 61,700 GYD
- Service Advisor – 112,000 GYD
- Technician – 158,000 GYD
- Service Manager – 250,000 GYD
- Service manager – 675,000 GYD
- Vehicle Sales Manager – 925,000 GYD
Banking and Financial
- Financial Analyst – 115,500 GYD
- Bank teller- 41,300 GYD
- Finance manager- 405,100 GYD
- Accountant- 168,700GYD
- Marketing manager- 458,200 GYD
- Finance or project manager- 990,000 GYD
Business and Administration
- Office Manager – 89,600 GYD
- Receptionist – 54,700GYD
- Supply manager-810,000 GYD
- Supply Planner – 375,000 GYD
- Newspaper Editor – 545,500 GYD
- Pharmaceutical Sales – 513,000 GYD
- Nurse- 120,700 GYD
- Medical Officer – 266, 000 GYD
- Clinical officer- 484,200GYD
- Occupational Therapist- 208,500GYD
- Physiotherapist – 302, 400GYD
- Special education teacher – 295,400 GYD
Guyana’s Standard Hourly Wage
In Guyana, the average hourly earnings are 1,010 GYD. This indicates that Guyana’s average hourly wage is around 1,010 GYD. The official minimum wage in Guyana is 720 GYD.
But take note that the hourly wage differs depending on the worker’s job. Many jobs are not paid by the hour, but they are instead remunerated based on a salary or an annual income.
Comparison of Government and Private Sector Pay
On average, public sector workers in Guyana earn 14 percent more than their private-sector colleagues.
This difference may be explained by the fact that public employees are more highly skilled than their privately employed peers. This productive advantage can also translate into greater job security since it would be harder to replace them if they were laid off en-masse due to a retrenchment exercise.
There are several benefits to working in the public sector. Public sector workers receive pensions after retiring, which is not an option for many in the private sector due to a lack of financial resources.
Employers also typically provide housing and subsidized utilities (water, electricity) for their employees. Additionally, they generally receive free transport services on a daily basis or at least within regular commuting times.
It is important that government workers not take these benefits for granted; they must first work hard to ensure that their agencies function properly before enjoying all its perks!
- Registered Nurse (RN)
- Data Entry Clerk
- Accounting Clerk
- Secondary School Teacher
- Customer Service Representative (CSR)
- Administrative Assistant
- Electrical Engineer
- Audit Clerk
- High School Teacher
- Accountant with Financial Reporting Skills
- Physician / Doctor, General Practice
- Customer Service Representative (CSR) with Data Entry Skills
- Veterinarian with Medicine / Surgery Skills
- Data Entry Clerk with Data Entry Skills
- Customer Service Representative (CSR) with Customer Service Skills