Average Salary in Peru 2022
How much money does an employee in Peru earn?
An average month’s wage in Peru is roughly 7,540 PEN. This would amount to about $2,121.62 US dollars per month.
This salary covers the basic expenses of an individual earning minimum wage. Food costs are the most significant, at around 28% of monthly expenditure. Housing takes up another 24%.
The Peruvian economy is classified as upper middle income (USD $1035 – 7601) per capita by World Bank.
Salary Distribution in Peru
Monthly salaries in Peru start at 1,910 PEN. Take note that this is the minimum salary for a corporate worker, so more than likely it will be higher.
A corporate worker would earn this monthly salary if he was an entry-level employee with no qualifications or skills.
Salaries increase every year with inflation and depend on your position within a company as well as your level of education. If you hold a University degree with a specialization in a certain field, that is going to give you a boost over those who do not have those qualifications.
Also, those who work in really expensive locations will naturally make more money given the cost of living in those locations. For example, people working in Lima which is an expensive city will make more money compared to someone working in Arequipa which is less expensive.
The median monthly wage is 7,990 PEN, which implies that half of the population (50%) earns less than 7,990 PEN and the other half earns more than 7,990 PEN.
25% of the population earns less than 4,460 PEN, while 75% earn more. Percentiles are values of a variable below which certain percentages of observations in a group of observations fall.
The percentile is derived by dividing the group percentage by the value of the observation and then multiplying that result with 100.
How much does the median pay vary from the average salary in terms of compensation?
A median is defined as the middle value in a set of values. The mean is calculated by adding all of the numbers together and dividing by how many numbers are in the sample.
The difference between the two is that the median only includes half of all possible values (the ones above and below), whereas, with an average, every single value has to be included. In general, the mean is going to be higher than the median so that you can account for all possible values.
This gets more extreme as you have a larger number of values. In other words, the pay can be skewed by a very high value in one category or another and the average salary will not catch this whereas the median does.
In terms of compensation, it can vary from being slightly lower to being double depending on how many people make a lot less money and how many make a lot more money respectively.
Comparing Salaries Based on Years of Experience
How does an individual’s income increase over time in Peru?
Peru workers with a limited amount of experience have much lower salaries than those with more years under their belt. It’s not just the cost of living that goes up as one gains experience, but so do wages.
Workers gain more money if they gain more experience in terms of money.
Higher paying, more demanding jobs require more years in the field for individuals to attain them. Years of experience are required in order to be considered for employment at a higher level.
Employees tend to receive larger salaries when they work in fields that take longer to acquire qualifications or prove competence.
Salaries increase as employees gain experience and become eligible for the promotion. This affects their income over time because promotions come with automatic salary increases and/or bonuses and allowances.
Comparing Salaries Based on Education
How does your degree of education affect your salary?
For people in Peru, the answer is very clear: it depends on what degree you have and how much experience you do or don’t have.
By far, Petroleum Engineering boasts the highest average annual salary of US$ 52,000 per year. Civil Engineering comes in second place with an average yearly income of PEN 33,000.
People with a Bachelor’s degree in Biology make the least, with an average salary of US$ 26,000 per year.
All things considered, having a university degree will always increase your chances of landing a better-paying job in Peru. The following is a list of degrees and their respective salaries in Peru:
- Bachelor’s degree – PEN 26,000 per year
- Master’s degree – PEN 38,000 per year
- Doctorate degree- PEN 42,000 per year
- Postgraduate studies – PEN 22,000 per year
Comparing Gender-Specific Salary
Male workers in Peru earn an average of 9% more than female employees across all industries. In the mining sector, men get 21% higher pay than women. In manufacturing, the salaries of male workers are 10% more than female employees.
As for the agriculture and fishing sectors, men receive about 2% more salary than women. In construction work, male employees get a whopping 36% more paycheck compared to their female counterparts.
Estimated Yearly Salary Increase Percentage in Peru
How much do pay raises cost in Peru? How often do workers get compensation increases?
Employees in Peru may expect a wage rise of around 9% every 17 months. At this rate, employees in Peru are likely to get a pay rise every 2 years.
The average salary increase for firms is around 9.2%. Businesses are more likely to grant salary increases during pre-announced annual adjustments, with an average of 6% being awarded.
Take note that this yearly increase also depends on the sector of activity, just like the average yearly salary. Examples are mining (18%), manufacturing (6.7%), finance and insurance (6.3%), and other services (5%).
Annual Growth Rates by Industry in 2022
- Business – 7%
- Healthcare – 5%
- Construction – 4%
- Retail – 3%
- Retail Trade – 3.5%
- Manufacturing – 1.3%
- Public Administration and Defense – 0.4%
- Mining – 2%
Companies in successful sectors tend to give out larger and more frequent increases.
There are exceptions, but in general, the status of every corporation is directly tied to the economic situation of the nation or area.
These values are subject to regular revision.
Average Salary Increase Rates by Level of Experience in Peru
A person with no previous work experience earns about PEN 1,500 per month. He/she gets an average salary increase rate of around 4 percent when he/she acquires 2-5 years of work experience.
A professional who has completed his basic studies (high school) receives about PEN 1,600 per month. An average salary increase rate of about 9% is given to him/her when he/she acquires 2-5 years of work experience.
An individual who has at least completed his secondary education (high school) but has no academic degree gets an average salary increase rate of 8% upon acquiring 2-5 years of work experience. His/her salary before the period was PEN 1,700. Afterward, his/her earnings increase to around PEN 1,800.
Junior level workers who have at least 1-3 years of work experience get an average salary increase rate of around 13% upon acquiring 2-5 years of work experience.
For example, one who earned PEN 1,700 per month before attains a salary increase to PEN 1,900 after the 2-5 year period.
Officials who have completed their academic degrees but don’t have any work experience get an average salary increase rate of 15%. For example, someone earning about PEN 2,500 then gets paid up to around PEN 3,000 monthly after acquiring 5+ years of experience.
Experienced workers with more than 6 years of working experience receive about a 23% pay hike when they acquire 5+ years of work experience.
Peruvian Bonus and Incentive Rates
How much money is granted as a bonus and how often does it happen in Peru?
Peruvian workers receive bonuses on a regular basis. In most cases, Peruvian employees receive a monthly income of which an amount is withheld as a bonus or incentive fee.
Peruvian workers often receive significant bonuses because they are accustomed to receiving them on a regular basis.
Different Types of Bonuses
Bonuses Based on Individual Performance
Individual performance-based bonuses are common among certain industries and professions, such as law, consulting, accounting, financial services, and engineering. They are used to incentivize workers to increase individual performance levels.
The purpose of this bonus is to reward both exceptional individual performance and outstanding team performance. Many companies implement this bonus as a way to ensure that the individuals who make up a productive team are also rewarded for their shared success.
With this type of incentive, managers cannot fulfill their duty to incentivize employees by simply handing out bonuses at the end of a quarter or year, as they would if merit-based compensation were used.
Company Performance Bonuses
These are generally given to employees who have performed exceedingly well during their time with the company. The aim is to motivate staff and help to boost productivity by focusing on targets set out by management.
Company Performance Bonuses are often used as part of a motivational scheme or benefits package for high-performing staff members.
This gives an incentive for the employees to continue giving 100% commitment to their role within the business, which can lead to greater success within the organization overall.
Bonuses for Achieving a Goal
Goal-based bonuses are a common business practice in which managers and employers award additional compensation to employees who exceed the expected standard of work.
The belief behind this policy is that stellar employee performance will be recognized and rewarded.
Especially exceptional results, such as those achieved by exceeding the goal, may receive a higher bonus than what would typically be awarded for achieving the goal.
Employee motivation has been studied extensively but it is only recently that researchers have examined the effects of monetary incentives on motivation.
It is widely believed that one way to increase worker productivity is through bonuses or other monetary rewards for high performance.
Bonuses for the Holidays and End of The Year
This is a common event when it comes to the end of the year. It is when an employer awards their employees with extra pay for working in special events, especially during the holidays. These bonuses are usually awarded in cash or paid in checks before or on December 25th or January 1st.
Most employers give out this bonus to all of their employees while some only give it to certain employees who have done commendable work they can be proud of.
But whatever way one decides to give out this bonus, at least its money coming straight from the pockets of their employers that make workers happy and satisfied.
Bonus Rates by Job Title
What qualifies a job for big bonuses and a high salary in Peru?
A job is qualified for big bonuses and a high salary in Peru when it requires specific skills or experience, so the company can pay more money for this position.
Furthermore, payment depends on the sector of activity, since each industry has different types of employers that offer higher rates in their companies.
On the other hand, there are professionals that receive fewer bonus payments than others because they deal with low-level jobs like customer service or retailing.
Comparison of Bonuses Based on Seniority Level
Senior workers in Peru receive higher bonuses than their junior counterparts.
The highest salary bonus is awarded to those people who have been working in a company for more than 20 years and it is usually around 10% of their overall income. This bonus typically appears as part of the June 30th payment so workers essentially earn two monthly salaries in one year.
However, these senior employees also earn an average of $4,000 per month so they will not really suffer from this additional expenditure.
Employees with less than 20 years of experience can expect to be rewarded with a lower bonus which amounts to 5% on average and only occurs once during the course of a calendar year.
For example, if their salary is $3,500 USD per month then they will receive a monthly salary of $3,950 USD in addition to their regular income.
Junior workers are also eligible for an additional bonus which is given in the month of December and it is typically around 2%. For example, if they earn $3,000 USD per month then they will earn around $3,200 USD extra during the Christmas season
Senior-level employees receive higher bonuses than junior level because it’s assumed that senior people have much more experience in their specific field so they are worth more money.
Furthermore, seniority is usually tied to age so older people are generally receiving higher bonuses regardless of their skill level – this might be problematic since according to international law many companies cannot discriminate against persons based on age.
Salary Ranges for Popular Jobs
- Bank Branch Manager – 13,700 PEN
- Teller – 2,670 PEN
- Customer Service Rep – 1,520 PEN
- Budget Analyst – 10,000 PEN
- Marketing Manager – 23,750 PEN
- Public Relations Officer – 13,580 PEN
- Advertising Coordinator – 9,460 PEN
- Graphic Designers- 4,500-8 , 000 PEN
- Fashion Designers – 3,060 – 8, 000 PEN
- Project Engineer – 12,680 – 16, 700 PEN
- Construction Supervisor – 11,750 PEN
- Auto Mechanic – 6,500 – 8 , 000 PEN
- Driver/Messenger – 1,180 PEN
- Cook – 3,060 PEN
- Pastry Chef – 4,830 PEN
- Restaurant Manager – 6 , 880-11, 460 PEN
Health Care & Medicine
- Nurse Assistant I – 730 – 1,020 PEN
- Registered Nurse II (Critical Care)– 2, 130- 3,060 PEN
- Registered Nurse III (Operating Room) – 2, 820- 3,790 PEN
- Pharmacist – 8, 720-13, 840 PEN
- Medical Technologist I – 1, 680-2, 390 PEN
- Health Care Executive Director – 22, 450-40, 000 PEN
Peruvian Hourly Wage Average
In Peru, the average hourly salary (pay per hour) is 44 PEN. Generally, the highest wages are earned by management and senior business personnel. The lowest wages are earned by young workers and apprentices/trainees.
In Peru, a person who works in a factory or other industrial setting might earn around 35 PEN an hour. Employees working in the service sector can expect to earn about 45 PEN an hour for each hour of work.
Professionals such as lawyers, doctors, consultants, writers, authors, and other people with specialized training usually have higher hourly rates that range from 90 to 160 PEN per hour.
In general, professors and teachers seeking employment at universities or other schools should expect to earn between 70 and 110 PEN each hour.
Salary Comparison: Government vs. Private Sector
On average, public sector workers in Peru earn 9% more than their private-sector colleagues across all sectors. The average salary for a government worker in Peru is PEN 534,504 per month and PEN 462,548 for a private-sector worker.
The seniority of the worker affects the salary difference between the public and private sectors.
For example, if we compare professional workers (for both sectors), those in public service earn on average 19% more than their counterparts in the private sector.
- Civil Engineer
- Chief Executive Officer (CEO)
- Country Manager
- Graphic Designer
- Project Manager
- Software Developer
- Software Engineer
- Account Manager
- Business Consultant
- Business Intelligence (BI) Analyst
- Chief Financial Officer (CFO)
- Business Development Manager
- Commercial Manager
- Design Architect
- Executive Chef
- General / Operations Manager
- Human Resources (HR) Manager
- General Manager, Regional
- Industrial Engineer
- Front End Developer / Engineer
- Marketing Coordinator
- Information Technology (IT) Manager
- Operations Manager
- Regional Sales Manager
- Sales and Marketing Manager
- SAP Consultant
- Senior Business Analyst
- Teacher College/University (Unknown Type)
- Sr. Software Engineer / Developer / Programmer
- Systems Engineer, IT
- Country Manager with Business Development Skills
- Information Technology (IT) Manager with Project Management Skills
- Project Manager with Project Coordinating Skills
- Project Manager with Project Management Skills
- Software Developer with Python Skills
- Software Developer with C# Programming Language Skills
- Software Engineer with SQL Skills
- Software Engineer with Java Skills
- Executive Director
- Account Manager with Technical Sales Skills