Average Salary in Libya by 2024 | Cost of Living

Average Salary in Libya by 2024 | Cost of Living

The salary structure in Libya for 2024 is designed to accommodate a variety of factors, including location, industry, and experience level. This article provides a comprehensive overview of the Average Salary in Libya to 2024, highlighting the compensation landscape.

The Libyan Dinar used to pay salaries in Libya is known as LYD, and the currency symbol is LD, ل.د‎. By considering these key elements, individuals can gain a better understanding of the dynamic job market in Libya and make more informed decisions regarding their career and financial planning.

Salary in Libya by Year and Month

We’ve recently conducted surveys in Libya, and the valuable findings are conveniently presented in the table below. This data encompasses both monthly and annual salary information, offering you a comprehensive view of income trends in the region. Explore the details and gain insights into the economic landscape of Libya based on our survey results

Annual
Salary
Lowest
6,760 LYD
Average
28,180 LYD
Maximum
123,400 LYD

In the table above, we’ve meticulously outlined the annual salary statistics for Libya, offering a comprehensive view of income trends. Similarly, for a more detailed perspective on monthly earnings, we’ve provided a breakdown below. This dual presentation allows you to grasp both the bigger picture and the finer nuances of income structures in Libya, aiding your understanding of this dynamic economic landscape.

Monthly
Salary
Lowest
563 LYD
Average
2,348 LYD
Maximum
10,283 LYD

Comparison of Salaries in Libya Cities

As depicted in the preceding tables, we’ve analyzed the contrast between annual and monthly salaries in Libya. We now present a city-specific salary comparison, illustrating the diversity in compensation across the country. It’s important to note that these figures represent average salaries, and actual earnings may vary depending on factors such as location, experience, and job role.

City NamesAverage Salary (by month in 2024)
Tripoli7,200 LYD
Benghazi3,900 LYD
Ajdābiyā7,200 LYD
Mişrātah9,800 LYD
Al Bayḑā’8,200 LYD
Al Khums6,000 LYD
Az Zāwīyah6,500 LYD
Gharyān9,700 LYD
Al Marj7,600 LYD
Tobruk5,500 LYD
Darnah5,400 LYD
Sabhā5,300 LYD
Şabrātah4,200 LYD
Al Jumayl5,800 LYD
Janzūr5,500 LYD
Zuwārah5,900 LYD
Masallātah4,800 LYD
Surt4,700 LYD
Yafran4,600 LYD
Nālūt4,500 LYD
Banī Walīd4,400 LYD
Tājūrā’3,300 LYD
Birāk3,200 LYD
Shaḩḩāt3,100 LYD
Murzuq3,000 LYD
Awbārī2,971 LYD
Qaşr al Qarabūllī2,935 LYD
Waddān2,843 LYD
Al Jawf2,743 LYD
Al ‘Azīzīyah2,675 LYD
Ghāt2,543 LYD
Hūn2,412 LYD
Idrī2,348 LYD

Salary Overview – Median, Max, Min Wage, Starting, and Ranges

In this informative section, we will delve into the percentage of individuals earning high and low salaries. Additionally, we will provide insights into starting, median, and maximum salary levels, offering a comprehensive understanding of income trends and their underlying factors.

  • Minimum Salary in Libya

As mentioned earlier, salary in Libya often depends on experience. The minimum and starting monthly salary in Libya is 563 LYD, with variations based on one’s experience level. Notably, 21% of Libya’s population earns a basic salary of 563 LYD per month, which includes most of the labor.

  • Average Salary in Libya

As previously discussed, salaries in Libya exhibit variations in line with experience. The median/average monthly salary in Libya stands at 2,348 LYD, with a quarter of the population, approximately 25%, earning this figure.

This median wage serves as a crucial benchmark for salary comparisons, considering the diverse experience levels within the workforce.

  • Maximum Salary in Libya

Continuing our exploration of salary dynamics in Libya, we turn to maximum earnings. The maximum monthly salary in Libya reaches 10,283 LYD including employees of some famous private companies and government officials.

Specifically, about 54% of the population falls within this range. Understanding this upper limit provides valuable insight into the earning potential of a significant portion of the workforce in Libya.

Read More: How To Calculate Leave Salary In UAE | Step-by-Step Guide

Salary Comparison by Experience in Libya

Securing a competitive salary in any sector or organization hinges on valuable work experience, and Libya is no exception. In Libya’s employment landscape, individuals without prior experience typically receive the minimum wage. However, those with 1 to 5 years of experience enjoy an 11% pay increase, while those with 6 to 10 years see an 18% boost in earnings.

For professionals boasting 11 to 20 years of experience, the premium extends to 23%, and those with over 21 years of expertise are rewarded with a substantial 30% salary enhancement. This structured approach to compensation demonstrates Libya’s recognition of the significance of experience in determining wages.

Experience YearIncrease in income
0 Years Experiencelowest Income
1-5 years of experience11% Boosted
6-10 years of experience18% Boosted
11-20 years of experience23% Boosted
More than 21 years of experience30% Boosted

Salary Comparison by Education in Libya

In examining the correlation between education levels and income in Libya, a clear pattern emerges. The data reveals that educational qualifications play a pivotal role in determining salary scales:

  • Illiterate Salary in Libya

This group typically receives the Lowest salary, with no significant income increase associated with education.

  • High School Graduates Salary in Libya

Those who completed high school outperform the illiterate population, enjoying a notable 17% salary increase.

  • Certificate or Diploma Holders Salary in Libya

Individuals with a certificate or diploma go a step further, securing a substantial 24% higher income compared to high school graduates.

  • Bachelor’s Degree Holders Salary in Libya

Pursuing a Bachelor’s Degree significantly enhances earning potential, as these professionals make 29% more than those with a certificate or diploma.

  • Ph.D. Holders Salary in Libya

While those with a Bachelor’s Degree experience impressive earnings, those who have earned a Ph.D. receive a noteworthy 21% boost in income compared to Bachelor’s Degree holders. This data underscores the substantial impact of education on income levels in Libya.

Read More: The Average Salary in Eritrea by 2024

Salary Comparison By Gender in Libya

Experience YearIncrease in income
Male9% more than Females
Female9% less than men

Men generally earn 9% more than women, which shows that Males earn more than Females. Conversely, Females earn 9% less than males in Libya. These disparities underscore ongoing challenges in achieving gender wage equality. Addressing these gaps is crucial for creating a fair and equitable work environment that values the contributions of both males and females, ensuring equal opportunities and rewards for all.

Salary Comparison By Professions in Libya

In Libya, a diverse array of professions flourish, each offering unique opportunities and salary structures. Understanding the monthly earnings associated with these occupations can be extremely helpful for individuals seeking employment or considering a career change in this dynamic and growing economy.

Below are some of the Libya professions and their salaries:

ProfessionSalary (by month in 2024)
Doctors4,300 LYD
Engineers5,530 LYD
IT Professionals8,400 LYD
Investment Bankers6,600 LYD
Pilots3,300 LYD
Management Consultants5,450 LYD
Lawyers4,270 LYD
Dentists5,100 LYD
Pharmacists6,100 LYD
Labor680 LYD
Accountant4,200 LYD
Architect6,430 LYD
Barber870 LYD
Chef970 LYD
Electrician9500 LYD
Fashion Designer1,210 LYD
Financial Analyst4,216 LYD
Firefighter1,300 LYD
Graphic Designer2,800 LYD
Human Resources Manager1,110 LYD
Journalist2,900 LYD
Judge10,500 LYD
Marketing Manager2,300 LYD
Nurse3,100 LYD
Occupational Therapist9,540 LYD
Painter1,000 LYD
Police Officer3,800 LYD
Real Estate Agent4,208 LYD
School Teacher3,476 LYD
Technical Writer2,160 LYD

Bonuses on Salary in Libya

Several types of bonuses are considered in employment:

  1. Individual Performance-Based Bonuses: Employees receive rewards based on their exceptional performance.
  2. Company Performance Bonuses: Some companies share excess earnings and profits with all staff as collective bonuses, varying by role.
  3. Goal-Based Bonuses: Given upon achieving significant goals or milestones.
  4. Holiday / End of Year Bonuses: These are appreciation tokens offered without specific reasons or occasions.

Read More: The Average Salary in Comoros by 2024

FAQs

What is the average hourly, and minimum hourly wage in Libya?

The average hourly wage in Libya stands at 42.84 LYD, offering a competitive earning potential. Meanwhile, the minimum hourly wage is set at 2.34 LYD, ensuring a baseline income for those entering the job market or holding lower-paying positions. These figures outline the spectrum of hourly earnings in Libya.

How much is the government vs private sector salary difference?

There exists an approximately 7% salary disparity between government and private sector employment in Libya. Government employees tend to enjoy a 7% salary advantage, accompanied by additional benefits such as housing and car allowances. This discrepancy reflects the variations in compensation packages and perks often extended to those in public service roles in Libya.

What is the cost of living in Libya in 2024?

In 2024, there are various costs of living in Libya some of which are mentioned below:

1)
Monthly rent for accommodation ranges from 200 LYD to 1,000 LYD.

2) Grocery expenses range from LYD 350 to LYD 900 for an individual or a family of four.

3) Meals cost between LYD 100 to LYD 400 + per person.

4) Transportation includes a monthly pass of 100 LYD-1,450 LYD and a taxi ride of 10-120 LYD.

5) Utilities can total LYD 100-1,500 per month, phone bills LYD 100-2,000, gym memberships LYD 20-80, and movie tickets LYD 5-40 per person.

Libya offers relatively cheap living, yet careful budgeting is advised, as individual circumstances can make a difference in costs.

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