Exploring Bolivia's Average Income: A Comprehensive Overview

Bolivia's average income is a topic that covers a range of economic indicators, including monthly earnings, average salaries, and gross national income per capita. This paragraph will introduce the topic by providing an overview of these key aspects and highlighting some of the latest data available for Bolivia's average income.

Bolivia's average monthly earnings, as of December 2023, stood at 732 USD, according to recent statistics. This represents a steady increase over the years, with the exception of a dip in 2020. The average monthly nominal salary, which includes housing, transport, and other benefits, is around 8,560 BOB (Bolivian boliviano). It's worth noting that salaries vary significantly across different careers, locations, and gender in Bolivia. The median salary is 7,830 BOB, with 50% of the population earning above this amount. In terms of gross national income per capita, Bolivia reached 3,360 USD in 2021, reflecting a positive growth trend.

Average Monthly Earnings

The average monthly earnings in Bolivia differ depending on the source and the year. According to one source, the average monthly earnings in Bolivia in 2023 were 5,058 BOB (Bolivian boliviano), an increase from 5,053 BOB in 2022. The average monthly earnings in Bolivia in 2024 are reported to be 103,000 BOB per year, which equates to 8,560 BOB per month.

Another source states that the average monthly salary in Bolivia in 2024 is 101,860 BOB per year, or 8,488 BOB per month. The lowest average salary is reported to be 24,720 BOB per year (2,060 BOB per month), and the highest average salary is 457,300 BOB per year (38,100 BOB per month).

The median salary in Bolivia is 7,830 BOB per month, meaning that 50% of the population earns less than this amount, and 50% earn more. The minimum wage in Bolivia is reported to be 2,160 BOB per month.

Average Monthly Nominal Salary

The average monthly nominal salary in Bolivia varies across sources and depends on numerous factors, including profession, experience, education, location, and gender. While the National Statistics Institute reported an average monthly nominal salary of 5,058 BOB in 2023, other sources provide different figures.

According to SalaryExplorer, the average monthly salary in Bolivia is 8,560 BOB, with a minimum of 2,160 BOB and a maximum of 38,100 BOB. The median salary is 7,830 BOB, with 50% of the population earning less and 50% earning more. Additionally, 5% of people earn 17,000 BOB or more, while 20% earn 5,180 BOB or less.

SalaryExplorer also highlights the impact of experience on earnings. Employees with two to five years of experience can expect to earn 32% more than entry-level workers, and those with over 15 years of experience can make 36% more than those with less than five years of experience.

Another source mentions that the average monthly earnings in Bolivia were 732 USD in December 2023, a slight increase from 731 USD in December 2022.

Furthermore, the average annual salary in Bolivia is reported to be 101,860 BOB, with a range of 24,720 BOB to 457,300 BOB. The median salary is 106,980 BOB, indicating that half of the population earns above this amount, while the other half earns below it.

It's important to note that these figures are averages and medians, and individual salaries can vary significantly depending on various factors, including profession, industry, location, and gender.

Income per Capita

The average monthly salary in Bolivia varies across sources. One source states that the average monthly salary is $732, while another source states that it is 5,058 BOB. It is important to note that these figures are before tax deductions and may not include all benefits.

The minimum salary in Bolivia is reported to be 2,160 BOB, while the median salary is 7,830 BOB. This means that 50% of the population earns more than the median salary, and 50% earns less. The highest average salary can be as much as 38,100 BOB, but the actual maximum salary is higher.

The salary distribution in Bolivia is uneven, with 65% of people earning between 5,180 BOB and 13,300 BOB. Only 5% of the population earns 17,000 BOB or more.

Bolivia's income per capita and average salaries vary depending on various factors, including profession, experience, education, location, and gender. Employees with more experience and higher education levels tend to earn higher wages. Additionally, public sector employees earn approximately 17% more than private sector employees in similar roles.

Salary by Experience Level

Experience plays a significant role in determining one's salary in Bolivia. Here is a breakdown of how salary increases with years of experience:

Entry-level and Junior Workers

Employees with no prior experience or those who are just starting in junior positions earn the lowest salaries in Bolivia. The average monthly salary for this group ranges from BOB 2,160 to BOB 5,650, with a median of BOB 7,830.

Two to Five Years of Experience

Those with two to five years of experience can expect a notable increase in their earnings. On average, they make about 32% to 35% more than entry-level and junior workers across all industries and fields. The salary range for this group is approximately BOB 5,180 to BOB 13,300 per month.

Five to Ten Years of Experience

Employees with five to ten years of experience under their belt see their salaries increase even further. On average, they earn about 36% more than those with less than five years of experience. While the exact figures vary depending on the specific job and industry, this group's monthly salaries likely range from BOB 6,358 to BOB 16,620.

Ten or More Years of Experience

Salaries continue to climb for those with over ten years of experience. On average, they earn 21% more than those with five to ten years of experience and 57% more than those with less than five years of experience. While the specific salary range depends on the job and industry, this group's monthly earnings likely start at around BOB 7,750 and can go well beyond BOB 20,000.

It is important to note that these figures are averages and that salary progression may vary depending on the specific job, industry, location, and other factors. Additionally, employees in Bolivia can also expect periodic pay raises, with an average increase of about 5% every 28 months or 2% annually.

Salary by Gender

Although gender should not be a factor in determining pay, it often is. In Bolivia, the average difference between the salary of male and female employees is 8% across all career fields, with women earning 63% of what men earn. This means that women are at a 31% disadvantage compared to men in terms of economic participation and opportunity.

Several factors contribute to this gender wage gap, including societal norms, educational attainment, occupational segregation, and discrimination in the labour market. Bolivian women are underrepresented in high-paying jobs and are more likely to work in part-time positions or the informal sector, which results in lower overall earnings. Additionally, women in Bolivia, as in many other countries, often bear a greater share of unpaid domestic responsibilities, limiting their availability for full-time work and career advancement opportunities.

To address this issue, Bolivia has implemented legislative measures to secure equal pay for equal work and educational initiatives to encourage women to enter traditionally male-dominated fields. Non-governmental organisations also work to raise awareness and advocate for gender equality in the workplace. Despite these efforts, progress has been slow, and the gender pay gap remains a significant hurdle to achieving economic equality in Bolivia.

To achieve true economic equality and close the wage gap, it is essential to address discrimination and foster an inclusive labour market. Additionally, ensuring equal access to education and vocational training opportunities for women is crucial. By empowering women economically and ensuring equitable treatment in the workplace, Bolivia can take significant steps towards narrowing the gender wage gap and promoting sustainable development.

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