Average Salary in Belize

Table of Contents

How much money can an individual working in Belize expect to make?

An average monthly salary in Belize is 3,920 BZD. These jobs pay anything from 980 to 17,500 BZD.

This is an average monthly salary, including housing, transportation, and other amenities. Salaries might vary substantially based on a person’s line of employment. As an example, a doctor in Belize might expect to earn around $15,000 BZD each month. People in the tourist business, on the other hand, may earn as little as 3,000 BZD per month.

The average salary in Belize is lower than what one would find in developed countries. However, the cost of living is also much lower. When compared to the wages in other Central American countries, Belize looks quite good.

For instance, the average monthly salary in Guatemala is only 1,600 BZD. In Honduras, it is even lower at 1,300 BZD.

Generally speaking, salaries in Belize are not high. However, they are enough to cover the basic costs of living and leave a little bit extra for savings or recreation. With a bit of careful budgeting, living comfortably on an average salary in Belize is possible.

Compensation in Belize

Salary Scale

The minimum monthly wage in Belize is 990 BZD, while the maximum monthly salary is 17,500 BZD. The average monthly salary is 5,333 BZD.

Belize follows a progressive taxation system, whereby higher earners are taxed at a higher rate than lower earners. The income tax rates in Belize range from 0% to 25%. There is also a social security tax of 6% in Belize, which is deducted from an individual’s salary. Employers are required to match this contribution.

Pensions and Retirement

The pension age in Belize is 60 years for men and women. Employees are entitled to a pension if they have worked for at least 15 years. The amount of the pension is determined by the number of years of service and the salary earned during the last 5 years of employment.

The government of Belize has a retirement savings scheme called the National Insurance Social Security Scheme (NISSS). Employees and employers both contribute to this scheme. The NISSS provides benefits such as old-age pensions, disability pensions, survivor’s benefits, and medical benefits.

Median Income

With a median wage of 3,840 BZD per month, half of the population makes less than that, while the other half makes more than that. Median wages are those that fall somewhere in between the two extremes of a pay scale.

The median income in Belize is lower than in other Central American countries. For example, the median monthly wage in Costa Rica is 5,129 BZD, while in Panama it is 5,665 BZD.

The average salary in Belize is also lower than the average salary in South America. For instance, the average monthly wage in Brazil is 8,927 BZD, while in Argentina it is 7,587 BZD.

Despite its low wages, Belize remains an attractive destination for foreign workers due to its low cost of living and beautiful natural scenery.

Percentiles

75% of the population earns more than 2,180 BZD. 90% of the population earns more than 1,490 BZD. The top 10% of earners in Belize make more than 8,750 BZD per month.

How do median and average salaries differ?

Both the average compensation and median salary are indicators of income. The average salary is the sum of all salaries divided by the number of people employed, while the median salary is the salary that falls in the middle of a pay scale.

The average salary is usually higher than the median salary because it is influenced by high earners. For example, if one person earns 10,000 BZD and another earns 1,000 BZD, the average salary would be 5,500 BZD. However, the median salary would remain at 1,000 BZD because it is the middle value.

Comparison of Wages in Belize Based on Years of Work Experience

How does the progression of a person’s wage look over time?

The average wage in Belize is $3,000 per month. Here is a comparison of wages in Belize based on years of work experience in BZD:

0-5 years: BZD 1,500 per month
5-10 years: BZD 2,000 per month
10-15 years: BZD 2,500 per month
15+ years: BZD 3,000 per month

As you can see, the average wage in Belize increases with each additional year of work experience. The biggest jump in wages occurs between 0-5 years and 5-10 years, where wages increase by 33%. After 10 years of experience, wages only increase by 20%.

So if you’re looking to make the most money possible in Belize, it’s important to gain as much work experience as possible. The more experience you have, the higher your wage will be.

Comparative Salaries Based on Educational Level in Belize

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

The table below shows the average salaries in Belize for employees at different levels of education.

No formal education – 1,290 BZD
Primary education – 2,015 BZD
Secondary education – 2,700 BZD
Post-secondary non-tertiary education – 3,120 BZD
Tertiary education – 4,290 BZD

As the table above illustrates, employees with tertiary degrees earn, on average, over double what those without any formal education earn. And while there is a significant difference between the salaries of those with primary and secondary education, the gap narrows considerably in the tertiary education range.

In other words, investing in education pays off handsomely in Belize. Not only does it give employees the skills they need to succeed in today’s competitive job market, but it also sets them up for higher salaries down the road.

So if you’re looking to make more money, going back to school may be the best investment you can make.

Comparing Belizean Wages Based on Gender

On average, men workers in Belize earn 12% more than their female colleagues in the country’s various industries. In the public sector, women’s salaries are only about 80% of what men earn for comparable positions.

The gender earnings gap is evident in every ethnic group and among all educational levels.

Take note that the average salary in Belize does not necessarily reflect what entry-level positions or unskilled workers earn.

The minimum wage in Belize is currently BZD 3.30 per hour, which translates to about BZD 6,600 per year for full-time work. However, the cost of living in Belize is relatively high, so even this wage may not be enough to cover basic expenses.

Salary Increase Percentage in Belize Annually

How much do wage increases go up on a yearly basis in Belize? How often do workers get increases in their pay?

Employees in Belize may expect to get a 5% rise in their compensation every 28 months, on average. And those with five to ten years of experience earn an average salary of BZD 302,640.

However, wage increases vary greatly by company, position, and performance. Poor performers may not receive any raise at all while top performers can expect much larger compensation increases. Workers with more experience also tend to receive higher raises than those with less experience.

Still, there are a few factors that can affect how much workers in Belize can expect to see their salaries grow over time. The first is the country’s inflation rate. If prices are rising faster than salaries, then workers’ purchasing power will decrease over time. The second is the unemployment rate.

If there are more people looking for work than there are jobs available, then wages will be pressured downwards. Finally, productivity growth plays a role in wage growth. If workers are becoming more productive, then companies can afford to pay them higher wages without raising prices.

So, while workers in Belize can expect to see their salaries grow over time, the rate of growth will vary depending on economic conditions.

Assuming you have a steady job and don’t experience any major life changes, your salary will likely increase steadily over time. However, there are a few factors that can affect how much your salary will grow over time.

The first is inflation. If prices are rising faster than your salary, then your purchasing power will decrease over time. The second is the unemployment rate.

If there are more people looking for work than there are jobs available, then wages will be pressured downwards.

Belize Yearly Increase Rates by Industry

Energy – 8%
Tourism – 5%
Education – 5%
Construction – 6%
Business and Financial Services – 7%
Information Technology – 9%
Healthcare – 8%
Retail – 4%
Transportation and Logistics – 5%

The average salary in Belize is expected to increase across all industries in. Energy, tourism, education, construction, business, and financial services, information technology, healthcare, retail, and transportation and logistics are all projected to see salary growth.

The largest increases are expected in the information technology and business and financial services industries, at 9% and 7%, respectively. Tourism is expected to see the smallest increase at 5%.

If you’re looking to relocate to Belize or change jobs within the country, these are the industries that offer the most opportunity for salary growth.

Average Rate of Salary Growth by Level of Experience

Belize junior-level workers are the lowest earners in the country with an average salary of BZD 2,560 per month. Experienced professionals, on the other hand, earn an average of BZD 5,460 per month. The highest 10% of earners make over BZD 8,330 per month while the lowest 10% earn below BZD 1,430 per month.

Take note that these are only averages and actual salaries will still depend on the company you work for, your position, and other factors.

Junior – 2,560 BZD
Experienced – 5,460 BZD
Senior – 10,500 BZD

The average salary in Belize for a junior-level worker is BZD 2,560 per month. Experienced professionals earn an average of BZD 5,460 per month while senior-level workers make BZD 10,500 on average. The highest 10% of earners in Belize make over BZD 8,330 per month while the lowest 10% earn below BZD 1,430.

These figures are only averages and actual salaries will still depend on the company you work for as well as your position and other factors.

Rates of Promotion in Belize

How much and frequently are bonuses?

While 34% stated they got at least one monetary bonus in the preceding year, 66% of Belizean employees polled reported that they had not received any bonuses or incentives.

Bonuses ranged from 3% to 6% of yearly compensation for those who received them. When asked about the frequency of bonuses, most respondents said they received them annually (84%), while others reported receiving them semi-annually (5%) or quarterly (2%).

Various Bonuses Available in Belize

Individual Bonuses Determined by Work Performance

Incentive-based bonuses are available in Belize for good work performance. These types of bonuses are not guaranteed but may be offered at the discretion of an employer.

Some examples of incentive-based bonuses that could be offered include a production bonus, commission, or bonus pay for working overtime hours.

Cost of Living Adjustment Bonus

Some employers in Belize offer a cost of living adjustment (COLA) bonus to employees. This type of bonus is given to help offset the rising costs of living in the country.

The amount of the COLA bonus will vary from employer to employer but is typically a percentage of an employee’s salary.

Housing Allowance or Housing Bonus

Another common type of bonus offered in Belize is a housing allowance or housing bonus. This type of bonus is given to help employees with the costs of renting or purchasing a home.

The amount of the housing allowance or housing bonus will vary from employer to employer but is typically a percentage of an employee’s salary.

Retention Bonus

A retention bonus is a type of bonus that is offered to employees in an effort to keep them from leaving their job. The amount of the retention bonus will vary from employer to employer but is typically a percentage of an employee’s salary.

Sign-On Bonus

A sign-on bonus is a type of bonus that is offered to new employees as an incentive to join a company. The amount of the sign-on bonus will vary from employer to employer but is typically a percentage of the employee’s salary.

There are various types of bonuses that are available in Belize. These include an individual bonus, which is determined by work performance, a cost of living adjustment (COLA) bonus, a housing allowance or housing bonus, and a retention bonus.

A sign-on bonus may also be offered to new employees as an incentive to join a company. The amount of each type of bonus will vary from employer to employer.

Occupational Salary Bonuses in Belize: A Comparison

What characteristics of a job make it deserving of a high wage, in addition to enticing bonuses?

There are other professions that are worthy of high salaries and bonuses, but the ones that are typically most sought-after are those in management or executive positions.

In general, the higher up an employee is on the totem pole, the more money they will make. This is because those in management or executive positions have more responsibility than those lower down on the corporate ladder.

They are typically responsible for making decisions that can impact the company as a whole, and as such, they are usually compensated handsomely for their time and effort.

While there are many different factors that can contribute to how much an employee makes, bonuses are often given out based on job performance. In other words, if an employee goes above and beyond what is expected of them, they may be eligible for a bonus.

Here are some of the professions in Belize that receive higher salaries:

1. Doctors

2. Lawyers

3. Business Executives

4. Accountants

5. Bankers

6. Engineers

7. Teachers

8. Government Officials

9. Architects

10. IT Professionals

These are just some of the many professions that are typically well-compensated in Belize. While there are other jobs that pay well, these are typically the most sought-after positions. If you’re looking for a high-paying job, you may want to consider one of these professions.

Comparison of Bonuses in Belize Based on Years of Service

Senior employees in a company are granted bonuses that are usually 20% higher than those of junior staff members.

The average salary in Belize is quite low when compared to other countries, but this is due in part to the low cost of living. The minimum wage in Belize is only BZD $3.30 per hour, which is less than half of what is required in neighboring Mexico.

The average salary for a Belizean worker is about BZD$1,200 per month, which is significantly lower than the average salary in developed countries. However, this figure does not take into account the low cost of living, which makes Belize an attractive destination for retirees and digital nomads.

The most popular jobs in Belize are in the tourism and agriculture sectors. Many people also work in the fishing industry or in construction. Salaries in these industries are generally lower than the national average but still offer a good standard of living.

Earnings for Popular Careers

Airlines / Aviation / Aerospace / Defense

Aerospace Engineer – 5,170 BZD
Air Traffic Controller – 4,540 BZD
Flight Attendant – 2,760 BZD
Pilot – 6,970 BZD

Architecture / Construction / Real Estate

Architect – 5,280 BZD
Construction Manager – 3,930 BZD
Real Estate Agent – 2,980 BZD

Banking / Finance / Insurance

Bank Teller – 2,140 BZD
Financial Analyst – 4,560 BZD
Insurance Sales Agent – 2,750 BZD

Education / Teaching / Training

Elementary School Teacher – 3,020 BZD
High School Teacher – 3,170 BZD
Librarian – 2,700 BZD

Healthcare / Medical / Social Services

Clinical Psychologist – 5,040 BZD
Medical Doctor – 8,040 BZD
Registered Nurse – 4,290 BZD

Information Technology / computers / internet

Computer Hardware Engineer – 7,010 BZD
Database Administrator – 5,030 BZD
Software Developer – 6,090 BZD

Law Enforcement / Security / Firefighting

Police Officer – 3,180 BZD
Security Guard – 2,250 BZD
Firefighter – 3,130 BZD

Management / Business / Science / Arts

General and Operations Manager – 4,980 BZD
Management Analyst – 4,490 BZD
Market Research Analyst – 3,930 BZD
Business Teacher – 3,160 BZD

Belize’s Standard Hourly Wage

In Belize, the average hourly earnings are 23 BZD. The minimum wage in Belize is 8 BZD per hour. This means that a full-time worker in Belize earning the minimum wage would take home about 192 BZD per week.

The average salary in Belize is 5,760 BZD per month. This means that a person earning the average salary in Belize would take home about 115 BZD per week.

Comparison of Government and Private Sector Pay

Employees in Belize’s public sector earn, on average, 21% more than those in the private sector. The average government employee in Belize earns BZD 5,038 per month, while the average private-sector worker earns BZD 4,167 per month.

This difference is even more pronounced when comparing the pay of senior officials. The Prime Minister of Belize, for example, earns BZD 10,800 per month – more than twice the average salary in the country. Senior ministers earn an average of BZ$7,200 per month, while junior ministers earn BZD 5,400 per month.

The disparity between government and private sector pay is not unique to Belize – it is a global phenomenon. In most countries around the world, public sector workers earn more than their counterparts in the private sector.

There are several reasons for this. First, government jobs are often seen as more secure than private-sector jobs. This is especially true in Belize, where the economy is highly dependent on tourism. Private sector workers are often at risk of being laid off if there is a downturn in the tourism industry.

Second, government jobs usually require higher levels of education and experience than private-sector jobs. This is reflected in the higher salaries that public sector workers earn.

Third, government employees typically enjoy better working conditions than private-sector workers. They often have longer holidays, better job security, and greater job satisfaction.