What is the average salary in the Bahamas in 2023?

The average salary in the Bahamas is 3,900 BSD (Bahamian dollars) per month.This is approximately 3,900 USD (USD)/month, based on exchange rate April 2023.

This is significantly lower than other popular outsourcing destinations such as: England (US$88,924 per year), America (US$94,700 annually), and Singapore (US$76,548 per month).

So let’s understand what factors influence this number and other aspects related to it.

This article covers everything you need to know about average salaries in the Bahamas, including detailed salary comparisons across various aspects such as occupation and experience. We’ll also explore the factors that influence salaries, along with average salaries for some popular jobs.

Finally, we will discuss the benefits of outsourcing to the Bahamas and the top services to outsource to this island nation.

table of contents

let’s start.

Average salary in Bahamas

According to 2023 Salal Explorer Salary SurveyThe national average salary for employees working in the Bahamas is 46,700BSD per year (Bahamian Dollar) – The local currency of the Bahamas.

This is equivalent to USD 3,900 per month based on the exchange rate of April 2023.

However, please note that this number is an average value and there are individual differences.

Let’s check out different aspects of the average salary.

1. Average salary range

Here are the average salaries in the Bahamas: 990 BSD/month (USD 990) to 17,400 BSD per month (USD 17,400) — The lowest average salary is 990 BSD and the highest average salary is 17,400 BSD.

Note: These are average numbers. The actual maximum salary may be higher and the actual minimum salary may be lower.

2. Median salary

Here are the median average salaries in the Bahamas: 3,525 BSD (USD 3,525) per month.

What is the average salary?

The median salary represents the 50th percentile, or median salary.

This means that half of Bahamian employees earn less than 3,525 Their monthly income is BSD, but the other half earns more 3,525 BSD/month.

3. Salary percentile

In addition to the median, you can also include the 25th and 75th percentiles for a more detailed analysis of the salary distribution.

in order to 25th percentileaccording to surveyed compensation data, 25% of Bahamians earn less than 2,550 BSD per month (USD 2,550), 75% earn more 2,550 BSD/month.

When I see 75th percentileaccording to data collected, 75% of Bahamians earn only: 5,350 BSD (USD 5,350) per month.and 25% earn more 5,350 BSD/month.

4. Minimum wage

Minimum wage is the mandatory minimum wage (based on a fixed hourly rate) that an employer must pay an employee for their work.

Bahamas minimum wage increased From $210 to $260 per week in January 2023.

5. Average annual income increase

The average salary of an employee in the Bahamas is 2% increase every year. However, an employee does not have to get a raise exactly in his first year.

As such, Bahamian employees are more likely to receive a pay raise of about 5% every 28 months.this is kinda taller than This is above the global average of 3% every 16 months.

Let’s take a closer look at annual salary increases based on industry and professional experience.

A. Average annual income increase by industry

Here are the average wage increases for different labor industries in the Bahamas:

sauce: salary explorer.com

B. Increase in average annual income through experience

Here are the average annual increase ranges in the Bahamas based on experience level:

sauce: salary explorer.com

Let’s take a look at a comparison of average base salaries by various factors.

3 Factors Affecting Salaries in the Bahamas

Average salaries are determined by factors such as:

• educational background.
• Industry.
• work experience.
• Work location.
• Type of work (full-time, part-time, or remote work).
• occupation, etc.

Here we look at how average salaries vary with employee experience, education level, and location.

1. Experience

In general, Bahamian employees’ average salaries increase with experience.

According to a 2022 Salary Explorer study:

• someone who has 2-5 years experience was paid 32% More than people with less than 2 years of experience.
• Employees with above qualifications 5-10 years experience earn 36% Higher salaries than employees with less than 5 years of experience.
• Expert 10-15 years of experience make twenty one% Better than someone with 5-10 years of experience.
• employees with 15-20 years experience be paid 14% They are paid higher than employees with 10-15 years of experience.
• with senior employees Over 20 years of experience obtain 9% Better than individuals with 15-20 years of experience.

Note: The above figures are given as a guideline only. To get a more accurate salary report, you should check her one job title at a time.

2. Education

Education level plays an important role in salaries in the Bahamas, especially for new graduates.

So how much should you expect to pay a college-educated Bahamian resident?

Let’s see how different degrees affect average salaries in the Bahamas.

• An individual with a certificate or diploma earns about 17% than someone who just graduated from high school.
• Transitioning to bachelor’s degree employees, they earn about twenty four% More than a certificate or diploma holder.
• Employees with master’s degrees are about 29% More than a bachelor’s degree holder.
• The last person with a Ph.D.roughly make twenty three% More than a professional with a master’s degree.

Note: Salary changes vary by location and by job type and job description.

3. Cities

Larger cities typically offer more employment opportunities for employees.

Let’s look at some data for two major cities in the Bahamas.

A. Nassau

Nassau It is the capital of the Bahamas and is located on New Providence Island.

Made by people who work in Nassau 3,120 BSD (USD 3,112) per month. This is 20% lower than the national average salary in the Bahamas.

Average monthly salaries typically range from the lowest. 790BSD up to 13,900BSD. And the average salary in Nassau is around 3,300 BSD (USD 3,298) per month.

Below is a list of average salaries for popular positions in Nassau.

sauce: salary explorer.com

B. Freeport

Freeport is the second most populous city in the Bahamas, with an average salary of 3,120 BSD (USD 3,112) per month.

Freeport’s highest paid positions include chief executive officer (7,220 BSD), financial manager (6,140 BSD), and attorney (6,060 BSD).

In addition, there are some other important stats.

• The median salary is 3,370 BSD per month.
• Employees with 2-5 years of experience earn 32% more than new or junior employees.
• Individuals with a bachelor’s degree earn 24% more than those with a degree.

Find out and read the average monthly salary for different occupations.

Average Salaries for Popular Jobs

IT managers, dentists, sales managers and business analysts are some of the highest paid jobs in the Bahamas.

Check out the average salaries for some hot jobs in 2022.

sauce: salary explorer.com

Next, let’s compare the average monthly income around the world.

Comparison of average monthly salaries in the Bahamas and around the world

Compare the average monthly salary in the Bahamas with other countries.

sauce: salary explorer.com

Note: The figures above are estimated salaries taken from payroll reports of Bahamian employees, including expatriates. These serve as general guidelines only and may vary depending on experience, industry, cost of living in a particular location, etc.

So let’s see why the Bahamas is an ideal outsourcing destination and what services you can easily outsource.

Advantages of outsourcing

Outsourcing your business to the Bahamas gives you the following benefits:

• Access to large numbers of skilled workers.
• Home of native English-speaking human resources.
• Best call center service with friendly and helpful employees.
• Time differences with New York, Central and South America, North and South America, Africa, and Middle East countries are advantageous.
• A highly motivated government focused on infrastructure development and economic expansion.

Top services to outsource

The top two services that can be outsourced to the Bahamas are:

A. Call center services

You can hire an outsourced call center team in the Bahamas for services such as:

B. Accounting and Payroll Services

With the help of Bahamian companies, you can outsource accounting and payroll services such as:

• Create employee payslips.
• Prepare annual financial statements.
• Process accounting records.
• Calculate various payroll deductions such as insurance.
• Register with your local committee or agency.

This way, you can ensure that your company is always consistent, compliant, and attentive to detail.

summary

Average salaries in the Bahamas are lower than in countries such as Singapore, South Korea and Dubai, making it a popular destination for outsourcing.

Additionally, outsourcing to the Bahamas not only benefits from the incredible benefits of a qualified workforce, but also government support.

So, if you plan to outsource your operations to the Bahamas, use this guide to understand average salaries and make the right decisions for your business.