Average Salary in Bahamas 2024

The article explores the salary landscape in the Bahamas, shedding light on various aspects such as pay scales, the wage gap, yearly salary increments, and how salaries vary according to education level and years of experience. With a concise yet comprehensive analysis, this article provides valuable insights for individuals seeking to understand and compare salaries in the Bahamas, ultimately helping them make informed decisions about their careers. Explore the latest data and trends in salaries to gain a deeper understanding of the Bahamian job market.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Bahamas in 2024?

What is the average salary in Bahamas in 2024?
1,700USD
(USD 20,100 yearly)
Low 760 USD
Average 1,700 USD
High 7,400 USD
In Bahamas, the average salary is USD 1,700 per month. However, salaries can range from USD 760 (lowest average) to USD 7,400 (highest average, actual maximum salary is higher). Keep in mind that these salaries include housing, transport, and other benefits. Careers can have vastly different salary ranges. For specific job titles and their corresponding salaries, please refer below.
In comparison with average salary in Bahamas in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. Full comparison between 2023 and 2024 can be done at the year's end.

Pay Scale and Salaries in Bahamas

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 7,400, 75% of the people earn USD 2,400 or less. 50% employees earn less USD 1,700 or less, 25% of the employees earn less than USD 1,300.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 7,400, 75% of the people earn USD 2,400 or less. 50% employees earn less USD 1,700 or less, 25% of the employees earn less than USD 1,300.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Bahamas the minimum salary is USD 760.

Median Salary

Median Salary represents the middle point of all salaries in a dataset, with half of the values above and half below it. It provides a more balanced view of income distribution, making it less sensitive to extreme values, and is commonly used to gauge average earnings in various professions and industries. In Bahamas the median salary is USD 1,400.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Bahamas the salary ranges from USD 760 to USD 7,400.

Annual Salary Increments in Bahamas

What is the average annual salary increment in the Bahamas? How frequently do employees receive salary raises?

During 2024, employees in Bahamas witnessed an average salary growth of 0.7%. This represents an overall average across various job sectors. The worldwide average for 2024 is 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
The year 2024 saw employees in Bahamas receiving an average salary increment of 0.7%. This figure represents a cross-sectoral average. Comparatively, the global average for 2024 is 0.7%.

Historical Graph of Annual Salary Increments in Bahamas

Employees based in Bahamas have experienced a salary increase averaging 3.1% per year in recent years. This translates to a range of 0.7% to 6.1% increment per year.Download chartGet chart linkShare on FacebookShare on Twitter
Employees in Bahamas received in recent years salary increase from 0.7% to 6.1% on average per year. It means 3.1% increment per year on average.

Salary Forecast and Trends for the Future in Bahamas

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 2.8%. Estimated range is between 1.5% and 4.2%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 2.8%. Estimated range is between 1.5% and 4.2%.

Gender Wage Gap in Bahamas

What is the difference in pay between mens and womens? Men vs. women salary comparison.

In Bahamas, the actual wage gap amounts to 11.0%.Download chartGet chart linkShare on FacebookShare on Twitter
In Bahamas, the actual wage gap amounts to 11.0%.
It's due to many factors, such as:
  • Gender discrimination.
  • On average, women take 10% more days of paid vacation than men each year.
  • College degrees are less common among women compared to men.
  • Caregiving responsibilities for children and elderly relatives are more often taken on by women than men.
  • Part-time employment is disproportionately dominated by women, who usually earn less than their full-time counterparts.
  • Compared to men, women have a higher likelihood of working in lower-paying occupations.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

The completion of high school and the acquisition of a bachelor's degree bring about a wealth of benefits. Most importantly, they greatly improve career prospects, leading to higher earning potential and a wider range of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

The completion of high school and the acquisition of a bachelor's degree bring about a wealth of benefits. Most importantly, they greatly improve career prospects, leading to higher earning potential and a wider range of job opportunities. Beyond financial advantages, pursuing a bachelor's degree fosters personal growth, hones critical thinking skills, and allows for specialization in a specific field of interest. It also provides valuable networking opportunities and encourages the development of a global outlook. Ultimately, the journey from high school to a bachelor's degree is a transformative endeavor that unlocks a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. showcases extraordinary dedication to expanding the frontiers of knowledge and achieving a fulfilling and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 15%-19% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of nearly 9%-13%. Expertise and leadership acquire higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 20%-24% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 15%-19% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of approximately 9%-13%. Expertise and leadership yield higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 20%-24% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Bahamas

What is the average hourly wage in the Bahamas?

Average Hourly Wage
10USD
Low 4 USD
Average 10 USD
High 43 USD

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Budgeting and planning for expenses may be challenging due to the irregular or fluctuating income that hourly wages can bring.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks typically connected to full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can disturb work-life balance and make it challenging to maintain consistent routines.
  • Uncertain job security: Hourly positions are sometimes more susceptible to layoffs, downsizing, or changes in demand, which can lead to job insecurity compared to salaried positions.
  • Limited career advancement: There are instances where hourly employment offers restricted opportunities for career growth, professional development, or upward mobility within the organization.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Bahamas

What are the best paying jobs in Bahamas?

List with best paid jobs in BahamasDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Bahamas?

  1. Surgeon (USD 7,300)
  2. Doctor (USD 6,600)
  3. Chief Executive Officer (CEO) (USD 6,300)
  4. Registered Nurse Anesthetist (USD 6,200)
  5. Dentist (USD 5,900)
  6. Airline Pilot (USD 5,700)
  7. Intellectual Property Lawyer (USD 5,500)
  8. Marketing Manager (USD 4,900)
  9. Marketing Director (USD 4,900)
  10. Sales Director (USD 4,600)
  11. Sales Manager (USD 4,600)
  12. Petroleum Engineer (USD 4,500)
  13. Brand Manager (USD 4,400)
  14. Marketer (USD 4,400)
  15. Judge (USD 4,400)
  16. Treasurer (USD 4,300)
  17. Controller (USD 4,300)
  18. Pharmacist (USD 4,200)
  19. Tax Lawyer (USD 4,200)
  20. Lawyer (USD 4,200)
List with worst paid jobs in BahamasDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Bahamas?

  1. Cashier (USD 790)
  2. Childcare Worker (USD 830)
  3. Stock clerk (USD 840)
  4. Elder Care Worker (USD 850)
  5. Receptionist (USD 880)
  6. Bartender (USD 950)
  7. Food and beverage server (USD 960)
  8. Janitor (USD 970)
  9. Waiter (USD 980)
  10. Tour Guide (USD 990)
  11. Customer Service Representative (USD 1,200)
  12. Hotel Concierge (USD 1,200)
  13. Rehabilitation Counselor (USD 1,300)
  14. Travel Agent (USD 1,400)
  15. Secretary (USD 1,400)
  16. Painter (USD 1,500)
  17. Carpenter (USD 1,500)
  18. Bus Driver (USD 1,500)
  19. Artist (USD 1,500)
  20. Truck Driver (USD 1,600)
List with best paid industries in BahamasDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 4,700)
  2. Business and Management (USD 4,000)
  3. Marketing and Sales (USD 3,700)
  4. Engineering (USD 3,400)
  5. Law (USD 3,200)
  6. Accounting and Finance (USD 3,200)
  7. Computer and Information Technology (USD 3,100)
  8. Transportation and Logistics (USD 3,100)
  9. Science (USD 3,000)
  10. Education and Training (USD 2,500)
  11. Other (USD 1,900)
  12. Hospitality and Tourism (USD 1,600)
  13. Social Services (USD 1,300)
  14. Services (USD 1,200)