Average Salary in Barbados

Table of Contents

How much money can you expect to earn in Barbados as an employee?

The average monthly salary for a Barbadian worker is 3,260 BBD. You may expect to earn anything from 820 BBD to 14,500 BBD.

With housing, transportation, and other perks all taken into account, this is the typical monthly wage. Salaries might vary greatly based on a person’s field of work. The most important industries in Barbados are tourism, agriculture, and construction.

The minimum wage in Barbados is 1,600 BBD per month. However, the average monthly salary is much higher at 3,260 BBD. The average salary for those in the top 10%of earners is 14,500 BBD. Meanwhile, the bottom 10% of earners make an average of 820 BBD per month.

The cost of living in Barbados is relatively high. The average monthly rent for a one-bedroom apartment in the city center is 1,500 BBD. A meal for two at a mid-range restaurant cost around 150 BBD.

Overall, the average salary in Barbados is decent. With a little bit of savings, you can have a good standard of living in this island nation.

The Salary Structure in Barbados

Salary Level

The average monthly wage in Barbados is 8,220 BBD. The minimum wage is 1,600 BBD. The median salary is 5,170 BBD. The top 10% of earners make more than 12,940 BBD per month, while the bottom 10% make less than 2,350 BBD.

In terms of hourly pay, the average worker in Barbados earns 4.04 BBD per hour. The minimum wage is 0.77 BBD per hour. The median hourly wage is 2.56 BBD. The top 10% of earners make more than 6.32 BBD per hour, while the bottom 10% make less than 1.19 BBD per hour.

There is a significant difference between the salaries of men and women in Barbados. The average man earns 9,290 BBD per month, while the average woman earns 7,010 BBD. The median man earns 5,760 BBD per month, while the median woman earns 4,560 BBD.

The Median Pay

About half of the population earns less than 3,000 BBD each month, while the other half receives more than 3,000 BBD. Median wages are those that fall somewhere in between the two extremes of a pay scale.

The median salary in Barbados is 5,170 BBD. This means that half of all workers earn less than 5,170 BBD per month, while the other half earn more. The median pay is a good indicator of what the average worker in Barbados earns.

The median hourly wage is 2.56 BBD. This means that half of all workers earn less than 2.56 BBD per hour, while the other half earn more. The median pay is a good indicator of what the average worker in Barbados earns.

Percentiles

In the country as a whole, 25% of people make less than 1,720 BBD, while 75% earn more. The median salary is 3,280 BBD per month.

As with other countries in the world, salaries in Barbados vary greatly based on education, experience, and position. Percentiles are designed to show wage inequality. The lower the percentile, the lower the wage. The higher the percentile, the higher the wage.

The table below shows salary percentiles in Barbados for:

0%-1,720 BBD
25% – 2,590 BBD
50% – 3,280 BBD
75% – 4,060 BBD
100% – 5,040 BBD+

So, if you want to be in the top 25% of earners in Barbados, you need to make 2,590 BBD or more per month. To be in the top 50%, you need to earn 3,280 BBD or more. And to be in the top 75%, you need to bring home 4,060 BBD or more. Finally, to be among the highest earners in the country, you need to make 5,040 BBD or more per month.

Of course, these are just averages, and your actual salary will depend on your experience, education, position, and other factors.

In terms of compensation, what is the difference between the average and the median?

The difference between the average and median salary is that the average salary is calculated by adding up all salaries and dividing them by the number of people, while the median salary is the salary in the middle of a group of salaries.

The median is often seen as a more reasonable representation of what “average” workers make because it is less affected by outliers. Take note that both the average and median salaries are indicators, which means that they can change over time.

Comparative Wages Based on Years of Experience in Barbados

How does an individual’s pay develop over time?

A salary is not just a one-time payment for services rendered; rather, it is an annualized compensation that reflects the employee’s value to the company. Employees in Barbados typically enjoy salary increases based on their experience and length of service with their employer.

Workers in Barbados who have more than 20 years of experience make a median salary that is over three times that of workers with 0–5 years of experience.

The average salary in Barbados for workers with 0–5 years of experience is BBD $17,600 per year.

Those with 5–10 years of experience earn an average of BBD $23,200 per year. Workers with 10–20 years of experience earn an average salary of BBD $ 37,800 per year. Finally, employees with more than 20 years of experience make a median salary of BBD $6 2,400 per year.

Take note that these figures are averages and will differ based on the employer, industry, position, and other factors.

Comparison of Barbados’s Earnings by Education

How much of a difference does education make in terms of pay?

In Barbados, workers with a high school diploma or equivalent earn an average salary of BBD $18,200 per year. Workers with some college experience but no degree earn an average of BBD $21,400 per year

Those who have earned a bachelor’s degree earn an average salary of BBD $ 38,900 per year. Finally, workers with an advanced degree earn an average of BBD $ 51,500 per year.

As is the case with years of experience, these figures represent averages and will differ based on the employer, industry, position, and other factors. Education plays an important role in earnings potential, but it is not the only factor that affects pay. Other important factors include years of experience, skillset, and location.

The table below shows the average salary for workers in Barbados with various levels of education.

High School Diploma or Equivalent – BBD $18,200
Some College Experience but No Degree – BBD $21,400
Bachelor’s Degree – BBD $38,900
Advanced Degree – BBD $51,500

Gender-Based Salary Differences in Barbados

On average, men in Barbados earn 7% more than women in all industries combined. This gender pay gap is smaller than the global average of 11%.

The largest gender pay gap in Barbados is found in the construction industry, where men earn 22% more than women. This is followed by the finance and insurance industry, where men earn 16% more than women.

In contrast, women in Barbados earn 8% more than men in the arts, entertainment, and recreation industry. They also earn 5% more than men in the public administration and education industries. The gender pay gap in Barbados is the smallest in the health and social work industry, where women earn just 1% less than men.

While the gender pay gap in Barbados is smaller than the global average, women still earn less than men in most industries. The largest pay gap is found in the construction industry, followed by finance and insurance. In contrast, women earn more than men in the arts, entertainment, and recreation industries.

The smallest gender pay gap is found in the health and social work industry.

Barbados’s Typical Annual Salary Increase Percentage

On average, how much do Barbadians get paid in yearly raises? Are increases given to staff on a more regular basis?

Every 29 months, workers in Barbados may expect to get a 4% rise in their wages. That is the average salary increase percentage that employees receive in this country.

However, individual workers may experience different rates of salary growth during their careers. For example, entry-level employees may see higher raises early on in their careers to compensate for their lack of experience.

More experienced workers, on the other hand, may receive smaller raises as they are already being paid relatively high salaries.

Still, no matter what stage of their career workers is in, all Barbadians can expect to see their wages grow at a healthy clip thanks to the country’s strong economy. So if you’re planning on working in Barbados, you can rest assured that your salary will likely increase over time!

Barbados Annual Increase Rate by Business

Education – 7%
Tourism – 5%
Agriculture – 3%
Information Technology – 3%
Business and Management – 3%

The island of Barbados is home to a number of different industries which contribute to its economy. One of the most important sectors is tourism, which employs a significant number of people on the island. The tourism industry has been growing in recent years, and this is expected to continue in the future. This growth will likely lead to an increase in average salaries in Barbados.

Another important sector of the Barbadian economy is education. The island has a number of colleges and universities which offer degrees in various fields. The education sector is expected to grow in the coming years, and this will also lead to an increase in average salaries.

The information technology sector is another area that is expected to experience growth in the future. This sector is important for the economy of Barbados, and it is expected that salaries will rise in this field as well.

The business and management sector is another area where salaries are expected to increase in the future. This sector is important for the economy, and it is expected that growth in this area will lead to higher average salaries.

Overall, it is expected that average salaries in Barbados will continue to grow in the coming years. This growth will be driven by the expanding tourism industry, the growing education sector, and the burgeoning information technology sector. Businesses and managers can expect to see their salaries increase as well.

Barbados’s Average Rate of Salary Growth by Level of Experience

Junior-level workers are the lowest earners in Barbados, with an average salary of BBD $30,000 per year. Mid-level workers earn an average salary of BBD $50,000 per year, while senior-level workers earn an average salary of BBD $70,000 per year. The highest earners in Barbados are executives, who earn an average salary of BBD $90,000 per year.

The table below provides more detailed information on Barbados’s average salaries by experience level:

Junior Level (0-5 years): BBD $30,000
Mid-Level (5-10 years): BBD $50,000
Senior Level (10+ years): BBD $70,000
Executives: BBD $90,000

As you can see, salary levels in Barbados are directly related to experience. The longer you work in Barbados, the higher your salary will be. This trend is likely to continue into the future, as experienced workers are in high demand in Barbados’s economy.

Barbados Bonus and Incentive Offers

The cost and frequency of bonuses in Barbados

A total of 69% of Barbados’ employees were asked whether they got any bonuses or incentives in the preceding year, whereas just 31% answered they had.

Bonuses received by employees ranged from 4% to 5% of their yearly salaries. The most popular industries in Barbados are Banking, Manufacturing, and Retail. But take note that this is also depending on the company’s size and industry.

In general, the bonus structure in Barbados is quite good when compared to other countries. Bonuses are usually awarded based on an employee’s performance and can range from 4% to 5% of their yearly salaries.

The most popular industries in Barbados for bonuses are Banking, Manufacturing, and Retail. However, it is important to note that this varies depending on the company’s size and industry.

Types of Barbados Bonuses

Individual Bonuses by Work Performance

In Barbados, bonuses are not typically given out as a routine part of one’s salary. Instead, they are usually given as a way to reward an individual for going above and beyond their normal job duties, or for accomplishing something significant that has helped the company reach its goals.

There are two main types of bonuses that are given out in Barbados: those that are based on an individual’s performance, and those that are given out as a lump sum to all employees.

Performance-based bonuses are more common in Barbados than anywhere else in the world. These bonuses are directly linked to how well an employee performs their job duties. The amount of the bonus is typically determined by a manager or supervisor and is usually a percentage of an employee’s salary.

Lump-sum bonuses are given out less frequently and are not usually tied to an employee’s performance. Instead, they are typically given out as a way to show appreciation for all employees or to reward the entire team for reaching a company-wide goal.

Bonuses Based on Company Performance

In some cases, bonuses in Barbados are given out based on the overall performance of the company. These types of bonuses are typically given to executives and other high-level employees.

The amount of the bonus is usually a percentage of the employee’s salary and is determined by how well the company performed against its goals. For example, if a company’s goal was to increase sales by 10% and it was successful, then all employees would receive a bonus based on that success.

Company-wide bonuses are less common than individual bonuses, but they are still given out in some cases.

Barbados Bonus Taxation

All bonuses in Barbados are subject to taxation. The amount of taxes owed depends on the amount of the bonus and the employee’s tax bracket.

For example, if an employee is in the 25% tax bracket and they receive a $1,000 bonus, they will owe $250 in taxes.

Bonuses are typically paid out in the same pay period as they are earned, so employees will see the taxes deducted from their bonus checks.

Incentives Based on the Achievement of Specific Objectives

In some cases, employees in Barbados may receive bonuses based on the achievement of specific objectives.

For example, if a salesperson is given a bonus for every 10 new customers they bring in, then they will only receive the bonus if they actually reach that goal.

These types of bonuses are less common than other types of bonuses, but they can be given out in some cases.

Seasonal / Year-End Bonuses

In Barbados, it is common for companies to give out seasonal or year-end bonuses. These bonuses are typically given to all employees, regardless of their individual performance.

The amount of the bonus is usually a percentage of the employee’s salary and is determined by the company’s overall profitability. For example, if a company makes $1 million in profit, then each employee may receive a $100 bonus.

Seasonal and year-end bonuses are typically paid out in the same pay period as they are earned, so employees will see the taxes deducted from their bonus checks.

How Much Do Bonuses Cost Companies?

The cost of bonuses varies depending on the size of the company and the number of employees who receive them. For example, a small company with 10 employees may only spend a few thousand dollars on bonuses each year. A large company with 100 employees, on the other hand, may spend hundreds of thousands of dollars on bonuses.

The cost of bonuses also depends on the type of bonus that is given out. Performance-based bonuses typically cost more than lump-sum bonuses because they are directly linked to an employee’s performance. Incentive-based bonuses can also cost more because they are given out based on the achievement of specific objectives.

Seasonal and year-end bonuses typically cost the most because they are given to all employees, regardless of their individual performance.

When Are Bonuses Taxed?

Bonuses in Barbados are taxed in the same way as regular income. The amount of taxes owed depends on the amount of the bonus and the employee’s tax bracket.

For example, if an employee is in the 25% tax bracket and they receive a BBD $1,000 bonus, they will owe BBD$250 in taxes.

Bonuses are typically paid out in the same pay period as they are earned, so employees will see the taxes deducted from their bonus checks.

Comparison of Bonus Payouts given to Different Professions in Barbados

What aspects of work make it deserving of a high salary, in addition to appealing bonuses?

There are professions in Barbados that are known to have high salaries. However, what exactly makes these professions deserving of such high compensation?

In addition to the obvious draw of a high salary, many of these careers also offer appealing bonuses. Here is a look at some of the top-paying professions in Barbados and what aspects of the work make them so financially desirable:

1. Lawyers

As one of the highest-paid professions in Barbados, lawyers earn an average salary of BDS $215,000 per year. In addition to their base salary, lawyers often receive bonuses for successfully completing cases or achieving certain milestones within a case.

The downside of being a lawyer is the amount of schooling and training required to qualify for the job. However, the rewards are typically worth the effort, as lawyers enjoy a high degree of job satisfaction and security.

2. Doctors

Doctors are among the most in-demand professionals in Barbados, as they play a vital role in maintaining the health and well-being of the population. As such, they earn an average salary of BDS $200,000 per year. In addition to their base salary, doctors often receive bonuses for working long hours or taking on additional responsibilities.

The downside of being a doctor is the demanding nature of the job, which can often lead to burnout. However, the rewards are typically worth the effort, as doctors enjoy a high degree of job satisfaction and security.

3. Accountants

As one of the highest-paying professions in Barbados, accountants earn an average salary of BDS 190,000 per year. In addition to their base salary, accountants often receive bonuses for successfully managing clients’ finances or achieving certain milestones within a project.

The downside of being an accountant is the need for constant education and training to keep up with changes in the field. However, the rewards are typically worth the effort, as accountants enjoy a high degree of job satisfaction and security.

4. Business executives

As one of the highest-paid professions in Barbados, business executives earn an average salary of BDS $180,000 per year. In addition to their base salary, business executives often receive bonuses for meeting or exceeding targets set by their company.

The downside of being a business executive is the high level of stress that comes with the job. However, the rewards are typically worth the effort, as business executives enjoy a high degree of job satisfaction and security.

5. IT professionals

As one of the highest-paid professions in Barbados, IT professionals earn an average salary of BDS $170,000 per year. In addition to their base salary, IT professionals often receive bonuses for successfully completing projects or meeting certain milestones.

The downside of being an IT professional is the need to constantly stay up-to-date with changes in technology. However, the rewards are typically worth the effort, as IT professionals enjoy a high degree of job satisfaction and security.

These are just a few of the many professions that offer high salaries and appealing bonuses in Barbados. If you are considering a career change, be sure to research the different options available to you so that you can find the best fit for your skills and interests.

Comparison of Bonuses in Barbados based on Seniority Level

Senior-level workers are the best paid in Barbados, where the average salary is BBD 76,000. Those in management positions also earn a good wage, with an average salary of BBD 67,000.

In Barbados, salaries vary depending on seniority levels. Senior-level workers are the best paid, with an average salary of BBD 76,000. Those in management positions also earn a good wage, with an average salary of BBD 67,000. Entry-level workers earn an average salary of BBD 45,000.

Bonuses also vary depending on position and seniority level. Senior-level workers receive the largest bonuses, with an average bonus of BBD 12,000. Workers in management positions earn an average bonus of BBD 10,000. Entry-level workers receive the smallest bonuses, with an average bonus of BBD 3,000.

In Barbados, salaries and bonuses vary depending on position and seniority level. Senior-level workers are the best paid, with an average salary of BBD 76,000 and an average bonus of BBD 12,000.

Those in management positions also earn a good wage, with an average salary of BBD 67,000 and an average bonus of BBD 10,000. Entry-level workers earn an average salary of BBD 45,000 and receive the smallest bonuses, with an average bonus of BBD 3,000.

The cost of living in Barbados is relatively high, but salaries are commensurate with the cost of living. Overall, Barbados is a good place to work and earn a good wage.

Salary Ranges for Popular Positions

Accounting and Finance

Accountant – 2,330 BBD
Accounting Assistant – 1,860 BBD
Accounting Manager – 4,850 BBD
Bookkeeper – 1,540 BBD

Computer and Information Systems

Systems Analyst – 3,640 BBD
Database Administrator – 3,910 BBD
IT Manager – 5,560 BBD
Network Administrator – 2,940 BBD
Programmer – 2,980 BBD
Software Developer – 4,270 BBD

Customer Service

Call Center Agent – 1,460 BBD
Customer Service Representative – 1,560 BBD
Technical Support Specialist – 1,930 BBD

Medical and Healthcare

Dentist – 7,980 BBD
Dietitian – 2,560 BBD
Nurse – 3,070 BBD
Pharmacist – 4,230 BBD
Physician / Doctor – 8,280 BBD
Psychologist – 4,040 BBD

Sales

Inside Sales Representative – 1,940 BBD
Outside Sales Representative – 2,540 BBD
Sales Manager – 5,070 BBD

Teachers and Education Professionals

Elementary School Teacher – 2,560 BBD
High School Teacher – 3,220 BD
Librarian- 3,060 BBD
PHD Professor – 6,480 BBD
Post Secondary Teacher – 4,280 BBD
Special Needs Teacher – 2,970 BBD

Travel and Hospitality

Chef – 3,040 BBD
Flight Attendant- 1,920 BBD
Front Desk Agent- 1,690 BBD
Housekeeper- 1,430 BBD
Restaurant Manager- 4,070 BBD

Barbados’ Standard Hourly Wage

The standard rate of pay in Barbados is currently set at 19 BBD. This is based on a 40-hour work week and is before deductions. Overtime hours are those worked in excess of the standard 40 hours and are paid at 1.5 times the standard hourly wage.

The minimum hourly wage in Barbados is currently set at 9 BBD. This means that if an employee works less than the standard 40 hours, they will still receive 9 BBD per hour.

Barbados’ Cost of Living

The cost of living in Barbados can be quite high, depending on your lifestyle. For example, food and drink can be expensive, especially if you eat out often. Rent prices also tend to be high, especially in popular tourist areas such as Bridgetown. However, there are ways to save money, such as cooking at home and living in less touristy areas.

The average salary in Barbados is 35,000 BBD per year, before taxes and other deductions. This is based on a 40-hour work week and is before deductions. Overtime hours are those worked in excess of the standard 40 hours and are paid at 1.5 times the standard hourly wage.

The minimum wage in Barbados is currently set at 9 BBD per hour. This means that if an employee works less than the standard 40 hours, they will still receive 9 BBD per hour. The minimum wage does not apply to certain categories of workers, such as domestic workers, agricultural workers, and pieceworkers.

The Salary Differences Between the Government and Private Sectors

In Barbados, workers in the public sector earn an average of 11% more than their colleagues in the private sector across all sectors combined. The largest pay gap is in the education sector, where public sector employees earn an average of 20% more than those in the private sector.

In terms of specific professions, the highest-paid public sector workers are doctors, followed by lawyers and then engineers. On the other hand, the lowest-paid public sector workers are manual laborers.