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(CNS): The number of people in the Cayman Islands currently in a job has grown by almost 15% since the census was completed less than twelve months ago. The combined number of people looking for a job or in work also grew to 11.7%, increasing the actual workforce here to a record level of 54,398 people, according to the latest Labour Force Survey. The survey also shows a whopping population increase of more than 10% since the census to stand at 78,554 people, almost entirely due to an increase in overseas workers.
Reflecting on the situation as of spring this year, the report pegs overall unemployment at just 3%, though just over 5% of Caymanians in the workforce are jobless. But the population increase appears to have been fuelled by foreign workers. The Caymanian population rose by just over 1% during the last ten months while the non-Caymanian population is estimated to have increased by more than 25% in the same period.
More local people were back in work in April 2022 than in October 2021 as 21,299 Caymanians are now employed, an increase of 5.7% compared to the 2021 Census estimate. But more than 30,000 jobs here are now held by non-Caymanians, with over 27,000 of those on work permits. Meanwhile, over 1,000 Caymanians and permanent residents were recorded as being under-employed.
The majority of those who took part in the survey who were unemployed stated “no work available” as the main reason for not having a job, while unemployed non-Caymanians identified “home and family duties” as their main reason for not having work. Among Caymanians who were unemployed, 22% said they had never had a job and 40% of local jobless people said they had never received any training.
The survey also revealed that over 2,200 people over the retirement of 65 are still in work. Over 90% of the workforce is employed by someone else, with only 8.2% of those who work owning their own business. While the number of locals owning a business is higher than non-Caymanians, less than 16% of Caymanians work for themselves.
See the full report below or on the ESO website:
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