Average Salary in Bermuda 2022

How much money can a person who works in Bermuda expect to make?

The average monthly wage for a worker in Bermuda is around 1,590 BMD. As a beginning wage, you can expect to earn 400 BMD, which may rise up to 7,120 BMD.

Taking into consideration the cost of housing, transportation, and other necessities, this is an average monthly salary. Pay for different kinds of jobs varies widely. Workers in the banking sector earn an average of 2,500 BMD per month, while those in the construction industry earn an average of 1,200 BMD per month.

The cost of living in Bermuda is relatively high when compared to other countries. The average monthly expenditure on rent, food, and utilities is around 950 BMD. This means that a person working in Bermuda would need to earn at least 2,500 BMD per month to live comfortably.

The government of Bermuda has set the minimum wage at 400 BMD per month. This is the lowest amount a person can legally be paid for their work. The minimum wage applies to all workers, regardless of their age, experience, or type of work.

Those working in the tourism industry are typically paid lower wages than workers in other sectors. For example, a server at a restaurant may only make 700 BMD per month, while a hotel janitor may earn 1,000 BMD.

Pay Scales in Bermuda and Their Distribution

Salary Range

There is a wide variety of salary options available in Bermuda, starting at 400 BMD per month and going up to 7,120 BMD per month. The average salary is 2,560 BMD per month. The median salary is 2,160 BMD per month, which means that half of the population earns more than this amount and half earns less.

The highest 10% of earners make more than 5,000 BMD per month, while the lowest 10% earn less than 1,040 BMD per month.

The distribution of salaries in Bermuda is quite equal. The top 50% of earners make more than 2,040 BMD per month, while the bottom 50% make less than this amount. There is a very small difference between the highest and lowest earners in the country.

Cost of Living in Bermuda

Bermuda is an expensive place to live. The cost of living is about 20% higher than it is in the United States. Rent for a one-bedroom apartment in the city center can cost up to 3,000 BMD per month. Utilities, such as electricity, water, and internet, can cost up to 400 BMD per month.

Food and transportation costs are also high. A meal at a mid-range restaurant can cost up to 50 BMD, and a bus ticket from one side of the island to the other can cost up to 10 BMD.

Despite the high cost of living, salaries in Bermuda are relatively high when compared to other countries in the region. This is because the majority of jobs in Bermuda are well-paid professional positions.

Median Income

Half of the population earns less than 1,630 BMD per month, whereas the other half earns more than 1,630 BMD per month. The pay value in the midway is represented by the median. 

Minimum Wage in Florida

The topmost earners in Bermuda make more than 5,600 BMD per month. These values are the highest that have been recorded and correspond to the 95th percentile.

Percentiles

75% of the population earns more than 910 BMD per year, whereas the remaining 25% of the population earns less than 910 BMD per year. The average salary in Bermuda is 22,600 BMD.

This puts the country in the top 50% of world countries when it comes to wages.

Bermuda’s median wage is lower than the median wage of most other developed countries. However, it is worth noting that the cost of living in Bermuda is also relatively high.

Income Tax

Employees in Bermuda are subject to income tax at a rate of 20%. This is higher than the average income tax rate of 15.9% for OECD countries.

Social Security Contributions

Employees in Bermuda also have to pay social security contributions at a rate of 12.5%. This is higher than the average social security contribution rate of 8.9% for OECD countries.

Unemployment Benefits

Unemployment benefits in Bermuda are also relatively generous. Unemployed workers are entitled to receive benefits for up to 26 weeks, which is higher than the OECD average of 20 weeks.

What are the important distinctions between the average wage and the median income?

Both the median income and average salary are measures of central tendency that give us information about what “typical” earnings are in a given population.

The median income is the income of the person exactly in the middle of the income distribution. This can be thought of as the “typical” or “middle class” income.

The average salary, on the other hand, is simply the sum of all salaries divided by the number of people in the population. This measure can be skewed by extremely high or low incomes, which is why the median income is often seen as a more accurate measure of central tendency.

It’s important to note that both measures have their own strengths and weaknesses. The median income is a good measure of typical earnings, but it doesn’t give us any information about how earnings are distributed across the population.

The average salary, on the other hand, gives us this information but is less representative of typical earnings.

Comparison of Wages in Bermuda Based on Years of Work Experience

How does a person’s pay change over the course of their career?

In Bermuda, someone with 0-5 years of experience earns an average salary of BMD 36,700. The average salary for someone with 5-10 years of experience is BMD 48,600.

The salaries also depend on the industry. For example, someone working in the banking industry in Bermuda would earn an average salary of BMD 54,000. However, someone working in the construction industry would earn an average salary of BMD 38,700. 

Moreover, workers in the hospitality industry earn an average salary of BMD 35,000.

The table below shows the average salaries for different job roles in Bermuda:

  • Banker – 54,000 BMD
  • Construction worker – 38,700 BMD
  • Hospitality worker – 35,000 BMD
  • IT professional – 49,300 BMD
  • Lawyer – 60,000 BMD
  • Marketing professional – 40,000 BMD
  • Sales professional – 36,500 BMD

From the table, we can see that lawyers earn the highest salary on average while sales professionals earn the lowest. The salaries also differ based on experience and industry. Overall, we can see that there is a lot of variation in the average salaries in Bermuda.

Comparison of Wages in Bermuda Based on Level of Education

How does your degree of education affect the amount of money you make?

In Bermuda, education level is directly linked to average income. Workers in Bermuda with:

  • No formal education – BMD 44,842
  • High school education – BMD 54,011
  • Some college education – BMD 63,180
  • Bachelor’s degree – BMD 72,349
  • Master’s degree – BMD 81,518
  • Doctorate degree – BMD 90,687

As can be seen from the data, those with higher levels of education make more money on average than those with lower levels of education. This is to be expected, as employers are willing to pay more for workers who have the skills and knowledge that come with a higher degree.

While a college education may not be necessary for all jobs, it is evident that it does lead to higher earnings. For those considering furthering their education, it is worth taking into account the potential earnings increase that comes with it.

Comparison of Men’s and Women’s Wages in Bermuda

Men in Bermuda earn an average of 11% more per year than their female colleagues, regardless of industry.

This wage disparity exists despite the fact that both genders are highly educated in Bermuda. In fact, the literacy rate is 99% and the gender gap in education is very small.

So why is there such a large gap between men’s and women’s earnings? One theory is that women are more likely to take time off work to care for children or elderly family members.

This can lead to them being passed over for promotions or earning less overtime pay. Additionally, women may be more likely to work part-time or in low-paying jobs in order to balance their responsibilities at home.

Whatever the reason, the gender pay gap is a reality in Bermuda. And it’s something that needs to be addressed if we want to see true equality between men and women in the workplace.

Annual Salary Increase Percentage Average in Bermuda

What are the average yearly pay increases in Bermuda? How often do workers get increases in their pay?

Bermuda employees may expect a 5% raise every 28 months. The cost of living in Bermuda is relatively high, and salaries reflect this.

Bermuda has a reputation for being a very expensive place to live, and this is reflected in the salaries that workers earn. 

While the average salary in Bermuda is high, it is important to remember that the cost of living is also high. For this reason, it is important to factor in the cost of living when considering a job in Bermuda.

The highest salaries in Bermuda are typically earned by those who work in the financial sector. However, there are many other well-paying jobs available in Bermuda, especially for those with the right skills and experience.

If you are considering a job in Bermuda, it is important to research the cost of living in Bermuda so that you can be sure that the salary you earn will be enough to cover your expenses.

Rate of Annual Growth Expected by Industry in 2022

  • Information Technology – 8%
  • Energy – 6%
  • Tourism – 9%
  • Banking – 5%
  • Business Services – 4%
  • Healthcare – 3%

The highest-paid industries in Bermuda are expected to be Information Technology, Energy, and Tourism. These industries are expected to grow at rates of 8%, 6%, and 9% respectively. 

Average Experience-Level Pay Increase

Junior-level workers receive around 3-5% Mid-level around 3-7% Senior-level workers receive the highest pay increase of 4-10%.

Job satisfaction is also increasing in Bermuda. In a recent survey, 78% of respondents said they were satisfied with their jobs, up from 75% last year. This increase in job satisfaction is likely due to increased salaries and benefits.

Despite the high cost of living, Bermuda is still an attractive place to work. The island offers a great work-life balance, and employees often enjoy perks like flexible working hours and free health insurance.

If you’re considering a move to Bermuda, be sure to research the cost of living in advance. It’s important to factor in the high cost of housing, food, and transportation when budgeting for your new life on the island.

Rates of Bonuses and Other Incentives in Bermuda

How frequently and how much are bonuses awarded?

64% of polled employees in Bermuda claimed they did not get any bonuses or incentives in the previous year, while 36% reported receiving at least one sort of monetary compensation.

Those who received bonuses reported rates between 3-6% of their yearly salaries. In general, managerial positions tend to receive higher bonuses. Moreover, salaries also vary based on gender.

Types of Bermuda Bonuses

Individual Bonuses Determined by Work Performance

In order to ensure that all of their employees are meeting the company’s expectations, many businesses in Bermuda will offer bonuses that are based on an individual’s job performance.

This type of bonus may be given out quarterly or annually, and it is typically a percentage of an individual’s salary.

Team Bonuses for Hitting Goals

Another way that companies reward employees in Bermuda is through team bonuses. If a team hits a certain goal, such as increasing sales by 10% over the previous quarter, then everyone on the team may receive a bonus.

These types of bonuses can be motivating for employees to work together toward common goals.

Company-Wide Bonuses

Some companies will also offer bonuses to all of their employees when they hit certain milestones. For example, a company may give out a bonus to everyone if they are able to increase profits by 20% over the previous year. This type of bonus is a great way to show employees that their hard work is appreciated and that it is directly benefiting the company.

Bonuses for the Holidays and at the End of the Year

Many companies in Bermuda will also give their employees bonuses during the holidays and at the end of the year. This is a great way to show appreciation for all that employees do throughout the year, and it can help to boost morale heading into the new year.

When it comes to bonuses, there are a few different types that companies in Bermuda may offer to their employees. Individual bonuses, team bonuses, company-wide bonuses, and holiday/end-of-year bonuses are all common in this country.

By offering these kinds of rewards, businesses can show their appreciation for their employees’ hard work and dedication.

Comparative Bonus Rates by Profession in Bermuda

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

Other professions are not compared because of insufficient data.

In order to make a more informed decision about what job to pursue, it is important to consider both the monetary and nonmonetary benefits of a position. The following are some factors that may be important to you:

  • The working conditions (such as the physical environment, hours, flexible scheduling, and company culture)
  • The opportunity for career growth
  • The level of responsibility
  • The amount of stress associated with the job
  • The location
  • The benefits (such as health insurance, retirement savings plans, and paid time off)

When making your decision, keep in mind that salaries and bonuses are not always static. They can change based on experience, education, skillset, and other factors. It is important to research the specific position you are interested in and negotiate your salary before accepting a job.

Senior Level Bonuses in Bermuda

Senior-level workers in Bermuda are often handsomely compensated for their experience and expertise. The average senior-level bonus in Bermuda is BMD 25,232.

This indicates that companies are willing to pay a premium for top talent and that workers at this level can expect to earn significantly more than their counterparts elsewhere in the world.

Of course, bonuses are not the only form of compensation available to senior-level workers in Bermuda.

Many also receive stock options, 401(k) matching contributions, and other benefits that can add thousands of dollars to their total compensation package. In addition, senior-level workers in Bermuda often have access to perks like company cars and paid holidays, which can further increase their earnings.

Pay for High-Quality Positions

Advertising / Graphic Design / Events

  • Art Director – 1,540 BMD
  • Creative Director – 1,650 BMD
  • Graphic Designer – 1,070 BMD
  • Photographer – 900 BMD

PR / Communications

  • PR Manager – 1,430 BMD
  • Digital Marketing Manager – 1,490 BMD
  • SEO Specialist – 1,270 BMD
  • Content Writer – 950 BMD
  • Event Manager – 1,440 BMD

Fashion / Beauty / Retail

  • Fashion Designer – 1,230 BMD
  • Makeup Artist – 920 BMD
  • Sales Associate – 680 BMD
  • Store Manager – 2,520 BMD

Food and Beverage / Hospitality

  • Chef – 1,740 BDM
  • Restaurant Manager- 2,200 BDM
  • Sous Chef- 1,590 BDM
  • Bartender- 720 BDM
  • Waiter/Waitress- 640 BDM
  • Hotel Management- 3,090 BDM

Legal

  • Lawyer- 2,980 BDM
  • Paralegal- 1,490 BDM

Medical and Health

  • Doctor- 9,280 BDM
  • Dentist- 4,600 BDM
  • Nurse- 2,400 BDM
  • Pharmacist- 3,040 BDM
  • Psychologist- 2,430 BDM

Sales / Business Development

  • Sales Executive- 3,210 BDM
  • Business Developer- 2,930 BDM
  • Account Manager- 1,870 BDM

Typical Earnings per Hour in Bermuda

The average hourly earnings in Bermuda is 9 BMD. The median hourly earnings are 8 BMD. The range of hourly earnings is 2-15 BMD.

There are a few factors that will affect your salary as an employee in Bermuda. The first is your experience. Employees with more experience tend to earn more than those with less experience.

The second factor is the company you work for. Larger, more successful companies often pay their employees more than smaller businesses. Finally, your job title can impact your salary. Jobs that require more skill or responsibility usually come with a higher salary than entry-level positions.

The Salary Differences Between the Government and Private Sector

Employees in Bermuda’s public sector earn, on average, 14% more than those in the private sector. The average salary in the public sector is BMD 72,843 (US$ 36,427), while the average salary in the private sector is BMD 63,917 (US$ 32,459).

The government sector includes jobs such as teachers, police officers, and civil servants. The private sector includes jobs such as bankers, lawyers, and doctors.

There is a wide range of salaries in both the public and private sectors. For example, a lawyer in the private sector may earn much more than a teacher in the public sector.

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