Average Loss Prevention Specialist Salary in Gibraltar for 2024

In this article, we will look at the average Loss Prevention Specialist salary for 2024 in Gibraltar and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Gibraltar pound. To keep things simple, we are using the GIP currency code instead of the currency symbol £.

How Much Does a Loss Prevention Specialist Make in Gibraltar?

A Loss Prevention Specialist working in Gibraltar will typically earn around 45,100 GIP per year, and this can range from the lowest average salary of about 18,200 GIP to the highest average salary of 69,400 GIP.

Average Annual Salary
45,100 GIP
Average Monthly Salary
3,758 GIP

Lowest Annual Salary
18,200 GIP
Lowest Monthly Salary
1,516 GIP

Highest Annual Salary
69,400 GIP
Highest Monthly Salary
5,783 GIP

These are average salaries for a Loss Prevention Specialist in Gibraltar and include benefits such as housing and transport. It's also possible for a Loss Prevention Specialist to earn more or less than the average salaries shown above.

Loss Prevention Specialist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Loss Prevention Specialist Salaries in Gibraltar

So we've looked at the average salaries a Loss Prevention Specialist will earn in Gibraltar. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Loss Prevention Specialist can earn between 18,200 GIP and 69,400 GIP on average in Gibraltar. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Loss Prevention Specialist in Gibraltar is 48,200 GIP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 48,200 GIP, and 50% of the population earn more than 48,200 GIP.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Loss Prevention Specialist salary in Gibraltar, 25% of the population are earning less than 30,700 GIP while 75% of the population earn more than 30,700 GIP.

75% of the population earn less than 63,700 GIP, and 25% of the population earn more than 63,700 GIP.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Loss Prevention Specialist Salary by Experience Level in Gibraltar

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average loss prevention specialist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Loss Prevention Specialist in Gibraltar that has less than two years of experience can expect to earn somewhere in the region of 23,800 GIP.
  • 2 - 5 Years Experience. With two to five years of experience the average Loss Prevention Specialist salary would increase to 28,900 GIP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loss Prevention Specialist, the average salary would be 44,500 GIP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 53,800 GIP.
  • 15 - 20 Years Experience. A Loss Prevention Specialist with 15 to 20 years of experience can earn an average of 59,200 GIP.
  • 20+ Years Experience. For a Loss Prevention Specialist with more than 20 years, the expected average salary increases to 66,000 GIP.

Average Salary by Experience Chart

0-2 Years
23,800 GIP
2-5 Years +34%
28,900 GIP
5-10 Years +48%
44,500 GIP
10-15 Years +22%
53,800 GIP
15-20 Years +9%
59,200 GIP
20+ Years +8%
66,000 GIP

Loss Prevention Specialist Salary by Education Level in Gibraltar

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Loss Prevention Specialist in Gibraltar based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Loss Prevention Specialist in Gibraltar with a bachelor's degree education can earn an average salary of 25,800 GIP.

  • Master's Degree. A Loss Prevention Specialist in Gibraltar with a master's degree education can earn an average salary of 52,300 GIP.

Average Salary by Education Chart

Bachelor's Degree
25,800 GIP
Master's Degree +93%
52,300 GIP

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Gibraltar is around 16,900 to 50,700 GIP and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Loss Prevention Specialist Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Gibraltar, a male loss prevention specialist will earn an average of 47,600 GIP, while a female loss prevention specialist will earn around 40,000 GIP.

This means that a male loss prevention specialist earns approximately 19% more than a female loss prevention specialist for performing the same job.

Average Salary by Gender Chart in Gibraltar

Male
47,600 GIP
Female -19%
40,000 GIP

Loss Prevention Specialist Average Pay Raise in Gibraltar

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Loss Prevention Specialist in Gibraltar is around 7% every 30 months.

The national average pay raise across all professions and industries in Gibraltar is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 30 ) × 12  = 3%

What this means is that a Loss Prevention Specialist in Gibraltar can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Gibraltar for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Gibraltar.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Loss Prevention Specialist Bonus and Incentive Rates in Gibraltar

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Loss Prevention Specialist is a low bonus based job, with 41% of employees reporting at least one bonus in the last 12 months.

59% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
41%
No Bonus
59%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Gibraltar earn approximately 24% more than private sector employees in the same role.

Public Sector
43,400 GIP
Private Sector -24%
35,000 GIP

Salaries for Jobs Similar to a Loss Prevention Specialist

In the table below, we have salary information for jobs that are similar to a Loss Prevention Specialist in Gibraltar.

Job Title Category Salary
Actuarial Analyst Insurance 52,300 GIP
Actuarial Assistant Insurance 35,200 GIP
Actuarial Specialist Insurance 37,100 GIP
Actuary Insurance 51,900 GIP
Adjustment Insurance Clerk Insurance 14,500 GIP
Assistant Broker Insurance 27,600 GIP
Assistant Claims Manager Insurance 41,000 GIP
Associate Insurance Representative Insurance 20,000 GIP
Auditing Insurance Manager Insurance 60,900 GIP
Broker Insurance 37,900 GIP
Claim Advocacy Professional Insurance 38,700 GIP
Claims Adjuster Insurance 14,000 GIP
Claims Analyst Insurance 18,600 GIP
Claims Examiner Insurance 20,400 GIP
Claims Manager Insurance 57,400 GIP
Claims Processor Insurance 13,100 GIP
Claims Representative Insurance 19,400 GIP
Claims Resolution Specialist Insurance 41,400 GIP
Claims Supervisor Insurance 39,800 GIP
Complaints Specialist Insurance 36,700 GIP
Compliance Examiner Insurance 37,100 GIP
Compliance Officer Insurance 32,900 GIP
Compliance Reviewer Insurance 35,500 GIP
Consultant Insurance 38,000 GIP
Eligibility Interviewer Insurance 43,500 GIP
Eligibility Specialist Insurance 38,000 GIP
Insurance Account Manager Insurance 46,700 GIP
Insurance Accounts Executive Insurance 42,700 GIP
Insurance Adjuster Insurance 34,400 GIP
Insurance Agent Insurance 23,800 GIP
Insurance Analyst Insurance 36,400 GIP
Insurance Appraiser Insurance 41,100 GIP
Insurance Claims Clerk Insurance 14,000 GIP
Insurance Examiner Insurance 37,200 GIP
Insurance Investigator Insurance 36,500 GIP
Insurance Manager Insurance 65,900 GIP
Insurance Operations Manager Insurance 63,200 GIP
Insurance Policy Processing Clerk Insurance 15,400 GIP
Insurance Pricing Assistant Insurance 30,200 GIP
Insurance Program Manager Insurance 49,700 GIP
Insurance Project Manager Insurance 50,800 GIP
Insurance Quality Assurance Agent Insurance 37,200 GIP
Insurance Sales Agent Insurance 22,400 GIP
Insurance Sales Director Insurance 63,800 GIP
Insurance Sales Manager Insurance 52,000 GIP
Insurance Sales Representative Insurance 20,200 GIP
Insurance Team Leader Insurance 40,300 GIP
Insurance Underwriter Insurance 30,100 GIP
Loss Control Specialist Insurance 38,700 GIP
Loss Prevention Investigator Insurance 38,700 GIP
Loss Prevention Manager Insurance 53,800 GIP
Marine Underwriter Insurance 31,300 GIP
Medical Auditor Insurance 40,900 GIP
Monitoring and Performance Officer Insurance 29,600 GIP
Payment Services Specialist Insurance 36,500 GIP
Policy Change Director Insurance 60,500 GIP
Policy Change Supervisor Insurance 43,800 GIP
Policy Change Technician Insurance 19,400 GIP
Risk Analyst Insurance 44,900 GIP
Risk Management Director Insurance 72,400 GIP
Risk Management Supervisor Insurance 47,600 GIP
Risk Manager Insurance 76,600 GIP
Risk Modeling Manager Insurance 73,300 GIP
Title Insurance Typist Insurance 34,400 GIP
Training Manager Insurance 43,100 GIP

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