What is the Average Salary in the Bahamas?

by Time Doctor
average salary in the bahamas

The average salary in the Bahamas is 3,900 BSD (Bahamian Dollar) per month. This amounts to roughly 3,898 USD (United States Dollar) per month, according to the exchange rates in March 2022.

This is substantially lower than other popular outsourcing destinations like the USA (USD 7,900 per month), the United Kingdom (USD 7,760 per month), and Singapore (USD 6208 per month).

So, let’s understand what factors affect this figure and other aspects related to it.

In this article, we’ll cover everything you need to know about the average salary in the Bahamas, including a detailed salary comparison across various aspects like profession and experience. We’ll also explore the factors that influence salaries along with the average salaries of some popular jobs.

Lastly, we’ll highlight the benefits of outsourcing to the Bahamas and the top services to outsource to this island nation.

Table of Contents

Let’s get started.

The Average Salary in the Bahamas

According to the 2022 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 46,720 per month based on the exchange rate in March 2022.

However, please note that this figure is an average and can vary from individual to individual.

Let’s check out the various aspects of the average salary: 

1. Average Salary Range

The average salary in the Bahamas ranges from 990 BSD per month (USD 989) to 17,400 BSD per month (USD 17,389) — with 990 BSD being the lowest average salary and 17,400 BSD being the highest average salary.

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

2. Median Salary

The median average salary for the Bahamas is 4,050 BSD (USD 4,047) per month. 

What’s the median salary?

The median salary represents the 50th percentile or the middle salary value. 

This means that half of the Bahamian employees make less than 4,050 BSD as their monthly income, while the other half earns more than 4,050 BSD per month.

3. Salary Percentiles

In addition to the median, we can also include the 25th and 75th percentile to get a more detailed analysis of the salary distribution. 

For the 25th percentile, the surveyed compensation data shows that 25% of the Bahamians earn less than 2,270 BSD (USD 2,268) per month, while 75% earn more than 2,270 BSD per month.

When you look at the 75th percentile, the collected data says that 75% of the Bahamians receive less than 11,100 BSD (USD 11,102) per month. And 25% earn more than 11,100 BSD per month.

4. Minimum Wage

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

The minimum wages in the Bahamas were last increased on August 15, 2015.

As of March 2022, the legal minimum hourly wage in the Bahamas is the same as in 2015 – 5.25 BSD (USD 5.25), which amounts to 42 BSD per day, or 210 BSD per week. 

5. Average Annual Salary Increments

Bahamian employees get an average of 2% increment after every year. However, it’s not necessary that an employee gains an increment exactly at the one-year mark. 

That’s why Bahamian employees are likely to get about a 5% increase every 28 months. This is slightly higher than the world average of 3% every 16 months.

Let’s take a detailed look at the annual salary increment rates according to industry and professional experience:

A. Average Annual Salary Increment by Industry

Here’s the average salary increment rate across different working industries in the Bahamas:

IndustryAverage Annual Increment
Travel8%
Banking7%
Construction6%
Education4%
Energy5%
Information Technology3%
Healthcare1%

Source: salaryexplorer.com

B. Average Annual Salary Increment by Experience

Here’s the average annual Bahamian increment range based on the experience level:

Experience Level Average Annual Increment
Junior Level3-5%
Mid Level6-9%
Senior Level10-15%
Top Management15-20%

Source: salaryexplorer.com

Let’s dive into some average base salary comparisons by various factors.

3 Factors that Influence Salaries in the Bahamas

An average salary can depend on factors like:

  • Educational qualification.
  • Type of industry.
  • Work experience.
  • Location of work.
  • Type of work (full-time, part-time, or remote work).
  • Job category, and more.

Here, we will see how the average salary can vary depending on the employee’s experience, education level, and location. 

1. Experience

Generally, the average salary for a Bahamian employee increases with experience.

According to a 2022 Salary Explorer survey:

  • Individuals with 2-5 years of experience are paid 32% more than those with less than two years of experience.
  • Employees with more than 5-10 years of experience earn a 36% higher salary than employees with less than five years of experience.
  • Professionals with 10-15 years of experience make 21% more than those with 5-10 years of experience.
  • An employee with 15-20 years of experience is paid a 14% higher salary than an employee with 10-15 years of experience.
  • Senior employees with over 20 years of experience earn 9% more than individuals with 15-20 years of experience.

Note: The figures provided above are presented as guidelines only. For a more accurate salary report, you should look at one job title at a time.

2. Education

Education levels can play an essential role in salaries in the Bahamas, especially if you’re hiring a fresher. 

So how much should you expect to pay a Bahamian resident with a college degree?

Let’s check out how different degrees affect the average salary in the Bahamas:

  • An individual with a certificate or diploma earns approximately 17% more than an individual who only graduated high school.
  • Moving to employees with a Bachelor’s Degree, they earn around 24% more than a certificate or diploma holder.
  • An employee with a Master’s Degree makes about 29% more than a Bachelor’s Degree holder.
  • Finally, a person with a Ph.D. makes approximately 23% more than professionals with a Master’s Degree.

Note: The change in salary can vary from one location to another and depends on the job type and job description too. 

3. City

Bigger cities typically offer employees more employment opportunities. 

Let’s look at some of the data from two of the major cities in the Bahamas:

A. Nassau

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

A person working in Nassau makes around 3,120 BSD (USD 3,112) per month. This is 20% lower than the national average salary of the Bahamas. 

Typically, the average monthly wage ranges from a minimum of 790 BSD to a maximum of 13,900 BSD. And the median salary in Nassau is about 3,300 BSD (USD 3,298) per month.

Here’s a list of average salaries of a few popular job titles in Nassau:

ProfessionAverage Salary (Per Month)
Dentist7,860 BSD
Financial Manager6,100 BSD
Business Analyst4,170 BSD
Architect3,940 BSD
Mechanical Engineer2,920 BSD

Source: salaryexplorer.com

B. Freeport

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

Chief Executive Officer (7,220 BSD), Financial Manager (6,140 BSD), and Attorney (6,060 BSD) are some highest paying job titles in Freeport.

Additionally, here are some other important statistics:

  • The median salary is 3,370 BSD per month.
  • Employees with 2-5 years of experience make 32% more than freshers or juniors.
  • Individuals with a Bachelor’s degree earn 24% more than diploma holders.

Read on to explore the average monthly salaries of various professions.

IT manager, dentist, sales manager, and business analyst are some of the highest-paying job positions in the Bahamas. 

Let’s check out the average salaries of some popular job titles in 2022:

ProfessionAverage Monthly Salary
Dentist9,820 BSD
Sales Manager7,130 BSD
IT Manager6,450 BSD
Human Resources Manager5,800 BSD
Business Analyst5,210 BSD
Programmer3,810 BSD
Real Estate Agent3,380 BSD
Secondary School Teacher3,370 BSD
Office Manager3,360 BSD
Sales Representative2,470 BSD
Administrative Assistant2,010 BSD
Bookkeeper1,930 BSD

Source: salaryexplorer.com 

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

Average Monthly Salary in the Bahamas vs. the World

Let’s take a look at how the average monthly salary of the Bahamas compares against other countries:

CountryAverage Monthly Salary% Difference
BahamasUSD 3,898
United KingdomUSD 7809100%
DubaiUSD 585450%
New ZealandUSD 562844%
ChinaUSD 460218%
Costa RicaUSD 3618-7%
South KoreaUSD 3180-18%
South AfricaUSD 2,130-45%
RomaniaUSD 2000-49%
MexicoUSD 1661-57%

Source: salaryexplorer.com 

Note: The figures mentioned above are salary estimates taken from salary reports of Bahamian employees, including expats. They only serve as a general guideline and may vary depending on experience, industry, cost of living in specific locations, etc.

With that, let’s look at why the Bahamas is an ideal outsourcing destination and what services you can easily outsource.

Benefits of Outsourcing

By outsourcing your business to the Bahamas, you enjoy some advantages like:

  • Access to a large population of skilled workers.
  • Home to English-speaking native talent.
  • Best call center services due to friendly and accommodating employees. 
  • Favorable time difference with New York and countries in Latin America, North and South America, Africa, and the Middle East.
  • Highly-motivated government with a focus on infrastructure growth and economic expansion.

Top Services to Outsource

Here are the top two services that you can outsource to the Bahamas:

A. Call Center Services

You can hire an outsourced Bahamian call center team for services such as:

B. Accounting and Payroll Services

With the help of a Bahamian company, you can outsource accounting and payroll services like: 

  • Compile employee payslips.
  • Generate annual financial statements.
  • Process accounting records.
  • Calculate various payroll deductions like insurance.
  • Register with the local boards and agencies.

This way, you can ensure your company is always consistent, compliant, and paying attention to the minute details.

Wrapping Up

The average salary in Bahamas is lower than in countries like Singapore, South Korea, Dubai – making it a popular outsourcing location.

Moreover, by outsourcing to the Bahamas, you not only get the fantastic benefit of a talented workforce but a supportive government too.

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

 
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