The average salary in the Bahamas is3900 BSD(Bahamian dollars) per month. This corresponds to approximately3.900Dollar(USD) per month, based on exchange rateApril 2023.
So, let us understand what factors affect this number and other aspects related to it.
In this article, we cover everything you need to know about average salaries in the Bahamas, including a detailed comparison of salaries by occupation and experience. We'll also look at factors that affect salary, and the average salary for some popular jobs.
Finally, we'll highlight the benefits of outsourcing to the Bahamas and the island nation's best outsourcing services.
- Average salary in the Bahamas
- 3 Factors That Affect Bahamas Salaries
- Average Salary for Popular Jobs
- Average monthly salary in Bahamas in global comparison
- Benefits of outsourcing
- Excellent service from external staff
Average salary in the Bahamas
double 2023Salary Explorer Salary Exploreris the national average salary for employees working in the Bahamas46 700 BSD Per year(Bahamian Dollar) – The local currency of the Bahamas.
to sum upDollar3.900 monthly based on exchange rateApril 2023.
Note, however, that this is an average and varies from person to person.
Let's look at different aspects of the average salary:
1. Average Salary Range
The average salary in the Bahamas is between990 BSD per month(Dollar990) return17,400 BSD per month(Dollar17 400) – minimum average salary is BSD 990 and maximum average salary is BSD 17,400.
notes: These are average values. The actual maximum wage may be higher and the actual minimum wage may be lower.
2. Average salary
The average median salary in the Bahamas is 3.525 BSD(Dollar3.525) per month.
What is the average salary?
The median salary corresponds to the 50th percentile, or median salary.
This means that half of Bahamian workers earn less than3.525BSD as a monthly income while the other half earn more than3.525Monthly BSD.
third salary percentile
In addition to the median, we can also include the 25th and 75th percentiles for a more detailed analysis of the salary distribution.
for25th percentileSalary survey data shows 25% of Bahamians earn less than2.550BSDMonthly ($2,550) earning over 75%2.550Monthly BSD.
if you look75th percentileData collected indicates that 75% of Bahamians receive less than5.350BSD(Dollar5.350) per month. 25% earn more than5.350Monthly BSD.
4. Minimum wage
The minimum wage is a mandatory minimum wage (based on a fixed hourly rate) that employers must pay employees for their work.
Minimum wage in the Bahamasalready proposedIncrease from $210 to $260 per week in January 2023.
5. Average annual salary increase
Average Income of an Employee in the Bahamas2%Increased by one per year. However, it is not necessary for an employee to receive a raise for a full year.
Because of this, a Bahamian worker may receive a raise of about 5% every 28 months. that's a little bithigherThis is higher than the world average growth rate of 3% every 16 months.
Let’s break down the annual salary growth rate by industry and experience:
A. Average Annual Salary Growth by Job
Below are the average wage growth rates by industry in the Bahamas:
|industry||average annual growth rate|
Those ones: salaryexplorer.com
B. Experience Average Annual Salary Growth
Below are the average annual salary ranges in the Bahamas based on experience level:
|experience level||average annual growth rate|
Those ones: salaryexplorer.com
Let's look at some average base salary comparisons based on various factors.
3 Factors That Affect Bahamas Salaries
Average salaries may depend on the following factors:
- school eligibility.
- industry type.
- work experience.
- Type of work (full-time, part-time, or telecommuting).
- job category etc.
Here we see how average salaries vary based on employee experience, education level, and location.
In general, the average salary for Bahamian workers increases with experience.
According to the 2022 Salary Explorer Survey:
- personal and2-5 years experienceget paid32%More than those with less than two years experience.
- Exceed5-10 years experienceearn one36%Salary is higher than that of employees with less than five years of work experience.
- professionals with10-15 years experiencemake21%More than those with 5-10 years of experience.
- staff with15-20 years of experiencewill get14%Salary is higher than employees with 10-15 years of work experience.
- older employeesOver 20 years of experiencedeserved9%More than someone with 15-20 years of experience.
notes: The above figures are for reference only. For a more accurate salary report, you should be looking at one job at a time.
Level of education plays a vital role in salaries in Bahamas, especially if you are hiring freshmen.
So how much should you expect to pay a Bahamas resident with a college degree?
Let's see how varying degrees affect the average salary in the Bahamas:
- Those with a certificate or diploma earn approximately17%More people than just graduated from high school.
- continue to work as employees with a bachelor's degree who earn approximately24%Holders of more than certificates or diplomas.
- Employees with a master's degree earn approximately29%Possess a bachelor's degree or above.
- The last one with a Ph.D. give approx.23%More than professionals with a master's degree.
notes: Salary changes may vary by location, depending on job type and job description.
Larger cities tend to provide more employment opportunities for workers.
Let's look at some data for the two largest cities in the Bahamas:
NassauIt is the capital of the Bahamas and is located on New Providence Island.
people who work in nassau work nearbyBSD 3120 ($3112) per month.This is 20% less than the national average wage in the Bahamas.
Usually, the average monthly salary starts from the lowest790 BSDmaximum13.900 BSD.The average salary in Nassau is around 3300 BSD ($3298) per month.
Here is a list of average salaries for some popular jobs in Nassau:
|Profession||Average salary (month)|
|oral medicine||7860 BSD|
|financial director||6100 BSD|
|business analyst||4170 BSD|
|Mechanical Engineers||2920 BSD|
Those ones: salaryexplorer.com
Freeport is the second largest city in the Bahamas with an average salary ofBSD 3120 ($3112) per month.
Chief executive officer (7,220 BSD), financial manager (6,140 BSD) and lawyer (6,060 BSD) are the highest paid jobs in Freeport.
Also, here are some other important stats:
- The average salary is BSD 3,370 per month.
- Employees with 2-5 years of work experience earn 32% more than freshman or junior employees.
- Those with a bachelor's degree earn 24 percent more than those with a bachelor's degree.
Read on to learn more about average monthly salaries for different jobs.
Average Salary for Popular Jobs
IT managers, dentists, sales managers and business analysts are some of the highest paying jobs in the Bahamas.
Let's take a look at the average salary for some hot jobs in 2022:
|Profession||average monthly salary|
|oral medicine||9820 BSD|
|sales Manager||7130 BSD|
|IT manager||6450 BSD|
|HR director||5800 BSD|
|business analyst||5210 BSD|
|real estate agency||3380 BSD|
|high school teacher||3370 BSD|
|Office Supervisor||3360 BSD|
|sales representative||2470 BSD|
|Administrative Assistant||2010 edition|
Those ones: salaryexplorer.com
Next, let's compare average monthly salaries around the world.
Average monthly salary in Bahamas in global comparison
Let's see how the average monthly salary in The Bahamas compares to other countries:
|Earth||average monthly salary||% difference|
|South Africa||$2130||-45 %|
Those ones: salaryexplorer.com
notes: The figures above are salary estimates drawn from salary reports for Bahamian workers, including expatriates. They are provided as general guidelines only and may vary based on experience, industry, cost of living in a particular location, etc.
Let’s now take a look at why the Bahamas is an ideal outsourcing destination and what services you can easily outsource.
Benefits of outsourcing
By relocating your business to the Bahamas, you will enjoy several benefits such as:
- Get lots of skilled workers.
- Home of English talents.
- Friendly and courteous staff provide you with the best call center service.
- The time difference between New York and countries in Latin America, North and South America, Africa and the Middle East is favorable.
- A highly motivated government with a focus on infrastructure growth and economic growth.
Excellent service from external staff
Here are two of the best services you can outsource to the Bahamas:
A. Call Center Services
You can hire an outsourced Bahamas call center team to provide the following services:
- Business Process Outsourcing (BPO).
- technical support.
- Outsource sales.
- customer service.
- Outsource Chata.
- Background Services.
B. Accounting and Payroll Services
With the help of Bahamas companies, you can outsource accounting and payroll services such as:
- Prepare employee payslips.
- Prepare annual financial report.
- Process accounting records.
- Calculate various salary deductions such as insurance.
- Register with local communities and institutions.
This ensures that your company remains consistent and consistent throughout, with attention to the smallest detail.
Average wages in the Bahamas are lower than countries like Singapore, South Korea and Dubai, making it a popular location for outsourcing.
Also, by outsourcing to the Bahamas, you not only benefit greatly from a talented workforce but also get support from the government.
So, if you're thinking of outsourcing your business to the Bahamas, use this guide to determine the average salary and make the right decision for your business.
According to the 2023 Salary Explorer salary survey, the national average salary of an employee working in the Bahamas is 46,700 BSD per year (Bahamian Dollar) – the local currency of the Bahamas. This amounts to USD 3,900 per month based on the exchange rate in April 2023.What is a good salary in 2023? ›
If a worker works 52 weeks a year, this equates to a national annual salary of $51,168, up 5.1 per cent from the previous year. Any sum beyond that should be regarded as a good salary; however, this is not always the case.What is the average salary in the US 2023? ›
As of May 25, 2023, the average annual pay for an American in the United States is $58,563 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.16 an hour.What is the highest paying job in the Bahamas? ›
- Director Bahamas. Salary range: $60,000-$109,000 per year. ...
- Night Shift Bahamas. Salary range: $36,000-$80,000 per year. ...
- From Home Bahamas. Salary range: $36,000-$79,500 per year. ...
- Work From Home Bahamas. Salary range: $35,000-$78,000 per year. ...
- Virtual Bahamas. ...
- Internship Bahamas. ...
- Full Time Bahamas.
“As you are aware, the Bahamas government recently announced an increase in the minimum wage, which took effect on January 1, 2023, when the new minimum hourly rate increases to $6.50,” the circular said.What is middle class income 2023? ›
Middle class households here earn between $84,673 and $252,754.Will wages increase in 2023? ›
Rate Changes Due to the Minimum Wage Increase – January 1, 2023. Due to the enactment of Senate Bill (SB) 3, the California minimum wage increased to $15.50 per hour, effective January 1, 2023, for all employers.What salary is middle class? ›
According to a Pew study released last fall, the median income of middle-class American households is $70,784, based on Census data from 2021, the latest available. (Pew defines middle class as two-thirds to twice the U.S. median household income, adjusted for household size.)What salary is considered upper class? ›
In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher.What is the average salary in Mexico? ›
As of 2023, the average monthly salary in Mexico in pesos is approximately 25,000 MXN or about 1,400 USD. This figure may be lower than that of other countries, but it's important to take into account that the cost of living in Mexico is generally lower than in many developed countries.
The DWCP for 2021-2026 establishes a firm commitment between all partners to ensure that Decent Work is at the heart of national development in The Bahamas, particularly with respect to recovery and reconstruction following the impacts of Hurricane Dorian and the COVID-19 pandemic.How much does McDonald's pay in The Bahamas? ›
McDonald's Salary FAQs
The average salary for a Cashier is BSD 5 per hour in Nassau, Bahamas, which is 6% lower than the average McDonald's salary of BSD 6 per hour for this job.
The median salary represents the 50th percentile or the middle salary value. This means that half of the Bahamian employees make less than 3,525 BSD as their monthly income, while the other half earns more than 3,525 BSD per month.How much is rent in the Bahamas? ›
What is the average rent in The Bahamas? The average rental price for a one-bedroom apartment is around $1,250/month across the entire country (though you may be able to find studios for $1,000/month). This number is skewed slightly by higher costs near the cities and popular neighborhoods of Nassau and Freeport.Can a US citizen live full time in the Bahamas? ›
Unless your permanent residence status is for some reason revoked, you are free to work and live in the Bahamas as long as you wish, although you do not have the right to vote.How much does it cost to live comfortably in the Bahamas? ›
Summary of cost of living in Bahamas: A family of four estimated monthly costs are 4,599.7$ without rent. A single person estimated monthly costs are 1,307.4$ without rent. Cost of living in Bahamas is, on average, 23.2% higher than in United States.Is $70,000 a year considered middle class? ›
The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.Is $30000 a year considered middle class? ›
The federal poverty level for a family of four is $30,000 in 2023. According to U.S. Census Bureau data, the median (middle-class) household income was $70,784 in 2021 (most recent statistics).Is $40,000 a year considered middle class? ›
Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.How much is a $2,500 raise? ›
If an employee's current annual salary is $50,000, and he earns a $2,500 raise, then the annual salary will increase to $52,500.
It's always a good idea to ask for anywhere between 10% to 20% higher than what you're making right now. You may be able to ask for more based on your performance, length of time with the company, and other factors. Make sure you come prepared when you negotiate your raise and be confident.Is Walmart giving raises in 2023? ›
The current wage at Walmart is $12.00 to 18.00 an hour and will rise to $14.00 to $19.00 an hour on March 2, 2023. It should be noted that certain states already have a minimum wage of $16.00 an hour, including Connecticut, California, Massachusetts, and Washington.What salary is upper middle class? ›
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range.What salary is considered lower class? ›
You'll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $343,000 in 2020, up from $324,000 the year before.How much does the average American make? ›
The average annual average salary in the U.S. is $60,575. The median annual salary, which is often less skewed by outlying numbers, is $56,420. It's worth noting that average and median salaries vary quite a bit by state.What is the highest paying occupation? ›
|OCCUPATION||2022 MEDIAN PAY||PERCENTAGE INCREASE OVER NATIONAL MEDIAN|
|Computer and Information Systems Managers||$164,070||254.30%|
|Architectural and Engineering Managers||$159,920||245.30%|
National average income: The national average U.S. income in 2021 was $97,962. The median U.S. income in 2021 was $69,717.How much do Cancun workers make? ›
Average Cancun Resort hourly pay ranges from approximately $9.00 per hour for Housekeeper to $16.00 per hour for Floor Supervisor. The average Cancun Resort daily wage ranges from approximately $100 per day for Cook to $173 per day for Banquet Server.How much is average rent in Mexico? ›
|Rent (furnished, two-bedroom home)||$750|
Maximum and minimum salary range
The average salary in China ranges from 7,410 Yuan per month (USD 1,066) to 131,000 Yuan (USD 18,842) per month — with 7,410 Yuan being the minimum salary and 131,100 Yuan being the maximum salary.
|Average Salary by Age (3rd Quarter of 2022)|
|Age Group||Average Salary|
In April 2023, the average hourly earnings of all employees in the United States was at 11.01 U.S. dollars. The data have been seasonally adjusted.What is the 2023 federal salary cost of living increase? ›
The figure marks an increase over the 4.6% pay hike feds received in 2023, and would be the highest proposed pay hike federal workers have seen since the Carter administration implemented a 9.1% average pay increase in 1980.How much money should I be making at 30? ›
|Age Range||Top 10%||Top 5%|
The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.Is $40 000 a year middle class? ›
Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.Is $50 an hour good? ›
Is 50 an Hour Good? Yes, $50 an hour is actually good pay. To put things into perspective, $50 an hour is almost seven times higher than the federal minimum wage. As of 2022, the Federal minimum wage is $7.25 per hour.Which country pays highest salary? ›
The top three countries on this list are Switzerland, Luxembourg, and Singapore, where citizens earn more than Rs. 4 lakh per month on average. Specifically, the average monthly salary in Switzerland is Rs. 4,98,567, in Luxembourg it is Rs.
The average income per individual in the US is $35,384 per year, but the median income in the US is $64,994, which is right around the 30-dollar-an-hour mark. Since 30 dollars an hour is above the average income per individual, it's a livable wage, but it depends on a few factors.What is COLA 2023 pay increase? ›
In accordance with the 2021-2024 Collective Bargaining Agreement (CBA), career employees represented by the APWU will receive a $0.10 per hour cost-of-living adjustment (COLA), effective March 11, 2023. The increase is the result of a rise in the January Consumer Price Index (CPI-W).What is the pay raise for 2024? ›
This year's bill suggested an 8.7% salary increase for 2024. Following the FAIR Act, the White House will make a (lower) suggestion in its recommended budget, which gets published during the spring. This March, the Biden Administration suggested a 5.2% raise.What is the employee COLA increase for 2023? ›
General Schedule (GS) employees will receive a raise of 4.1 percent across-the-board in 2023, and a 0.5 percent locality adjustment. The 4.6 percent raise is the largest single-year pay boost for federal employees since 2002. Workers will receive higher paychecks starting the first pay period in January 2023.