The average salary in the Bahamas is 3,900 BSD (Bahamian Dollar) per month. This amounts to roughly 3,900 USD (United States Dollar) per month, according to the exchange rates in April 2023.
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
- The average salary in the Bahamas
- 3 factors that influence salaries in the Bahamas
- The average salaries for popular jobs
- Average monthly salary in the Bahamas vs. the world
- Benefits of outsourcing
- Top services to outsource
Let’s get started.
The average salary in the Bahamas
According to the 2023 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 3,900 per month based on the exchange rate in April 2023.
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 990) to 17,400 BSD per month (USD 17,400) — 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 3,525 BSD (USD 3,525) 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 3,525 BSD as their monthly income, while the other half earns more than 3,525 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 2,550 BSD (USD 2,550) per month, while 75% earn more than 2,550 BSD per month.
When you look at the 75th percentile, the collected data says that 75% of the Bahamians receive less than 5,350 BSD (USD 5,350) per month. And 25% earn more than 5,350 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 wage in the Bahamas was increased from $210 to $260 per week in January 2023.
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:
|Industry||Average Annual Increment|
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|
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.
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.
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.
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:
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:
|Profession||Average Salary (Per Month)|
|Financial Manager||6,100 BSD|
|Business Analyst||4,170 BSD|
|Mechanical Engineer||2,920 BSD|
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.
The average salaries for popular jobs
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:
|Profession||Average Monthly Salary|
|Sales Manager||7,130 BSD|
|IT Manager||6,450 BSD|
|Human Resources Manager||5,800 BSD|
|Business Analyst||5,210 BSD|
|Real Estate Agent||3,380 BSD|
|Secondary School Teacher||3,370 BSD|
|Office Manager||3,360 BSD|
|Sales Representative||2,470 BSD|
|Administrative Assistant||2,010 BSD|
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:
|Country||Average Monthly Salary||% Difference|
|United Kingdom||USD 7809||100%|
|New Zealand||USD 5628||44%|
|Costa Rica||USD 3618||-7%|
|South Korea||USD 3180||-18%|
|South Africa||USD 2,130||-45%|
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:
- Business Process Outsourcing (BPO).
- Tech support.
- Sales outsourcing.
- Customer support.
- Chat outsourcing.
- Back office services.
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.
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.