Average Salary in Bermuda 2024

Unveiling Bermuda's Salary Landscape: Exploring Pay Scales, Wage Gaps, and Yearly Increments Unlocking the intricacies of Bermuda's salary structure, this article delves into various facets such as pay scales, wage gaps, salary yearly increments, and breakdowns based on education level or years of experience. From revealing the nuances of pay scales across industries to shedding light on the persisting wage gaps, this comprehensive analysis provides a holistic view of Bermuda's salary landscape. Discover how yearly increments are influenced by factors like education and experience, empowering individuals and businesses alike with valuable insights for informed decision-making. Explore the interplay between remuneration and qualifications, as well as the impact of experience on salary levels, all within the vibrant context of Bermuda's employment 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 Bermuda in 2024?

What is the average salary in Bermuda in 2024?
6,100USD
(USD 72,200 yearly)
Low 2,800 USD
Average 6,100 USD
High 26,600 USD
The typical earnings in Bermuda amount to around USD 6,100 per month. However, the salary spectrum extends from as low as USD 2,800 (lowest average) to as high as USD 26,600 (highest average, actual maximum salary is higher). Please note that this includes housing, transport, and other benefits. Salaries can vary greatly among different careers. If you are curious about the salary of a particular job, please see the information on specific job titles below.
In comparison with average salary in Bermuda in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. The full comparison between 2023 and 2024 will be available by the year's end.

Pay Scale and Salaries in Bermuda

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 26,600, 75% of the people earn USD 8,400 or less. 50% employees earn less USD 5,900 or less, 25% of the employees earn less than USD 4,400.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 26,600, 75% of the people earn USD 8,400 or less. 50% employees earn less USD 5,900 or less, 25% of the employees earn less than USD 4,400.

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 Bermuda the minimum salary is USD 2,800.

Median Salary

The median salary for Bermuda is USD 4,800, depicting the middle point of all salaries in a dataset. This figure provides a more balanced view of income distribution and is commonly used to estimate average earnings in various professions and industries.

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 Bermuda the salary ranges from USD 2,800 to USD 26,600.

Annual Salary Increments in Bermuda

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

In 2024, the average salary increase for employees in Bermuda was around 0.7%. It's important to highlight that this figure is an average across all job sectors. Globally, the average for 2024 is 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
The year 2024 saw employees in Bermuda 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 Bermuda

Bermuda employees have, on average, received a yearly salary increase of 2.5% in recent years. The increment has ranged from -0.3% to 5.2% per year.Download chartGet chart linkShare on FacebookShare on Twitter
On average, employees in Bermuda experienced a salary increase ranging from -0.3% to 5.2% per year in recent years. This translates to an average increment of 2.5% per year.

Salary Forecast and Trends for the Future in Bermuda

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 2.9%. Estimated range is between 1.6% and 4.5%.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 2.9%. Estimated range is between 1.6% and 4.5%.

Gender Wage Gap in Bermuda

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

Actual wage gap in Bermuda is 7.0%.Download chartGet chart linkShare on FacebookShare on Twitter
Actual wage gap in Bermuda is 7.0%.
It's due to many factors, such as:
  • Gender discrimination.
  • On average, women take 10% longer vacations than men each year.
  • When it comes to college degrees, women are less represented than men.
  • In the realm of caregiving responsibilities for children and elderly relatives, women are more predisposed than men to take them on.
  • In comparison to men, women are more prone to working part-time, resulting in lower earnings compared to full-time workers.
  • Men are more likely to work in higher-paying occupations than women.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

High school completion and achieving a bachelor's degree offer numerous advantages. Primarily, they substantially improve career prospects, resulting in increased earning potential and wider job options. 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

High school completion and achieving a bachelor's degree offer numerous advantages. Primarily, they substantially improve career prospects, resulting in increased earning potential and wider job options. Besides financial benefits, pursuing a bachelor's degree fosters personal growth, sharpens critical thinking abilities, and enables specialization in a chosen field. It also provides valuable networking prospects and facilitates the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a life-altering path that opens doors to a more satisfying and successful 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. demonstrates a strong dedication to knowledge and paves the way for a successful 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 17%-21% 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 roughly 11%-15%. Expertise and leadership earn higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% 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 17%-21% 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 11%-15%. Expertise and leadership attain 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 19%-23% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Bermuda

What is the average hourly wage in the Bermuda?

Average Hourly Wage
35USD
Low 16 USD
Average 35 USD
High 156 USD

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

  • Income instability: The irregular or fluctuating income from hourly wages may make it challenging to budget and plan for expenses.
  • 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 usually connected with full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can interrupt work-life balance and make it difficult to maintain consistent routines.
  • Uncertain job security: When it comes to job insecurity, hourly positions are often more affected than salaried positions due to layoffs, downsizing, or changes in demand.
  • Limited career advancement: Within the organization, a few hourly jobs may present limited opportunities for career growth, professional development, or upward mobility.
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 Bermuda

What are the best paying jobs in Bermuda?

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

Highest paying jobs Bermuda?

  1. Surgeon (USD 26,300)
  2. Doctor (USD 23,700)
  3. Chief Executive Officer (CEO) (USD 22,600)
  4. Registered Nurse Anesthetist (USD 22,100)
  5. Dentist (USD 21,100)
  6. Airline Pilot (USD 20,400)
  7. Intellectual Property Lawyer (USD 19,700)
  8. Marketing Manager (USD 17,400)
  9. Marketing Director (USD 17,400)
  10. Sales Director (USD 16,400)
  11. Sales Manager (USD 16,400)
  12. Petroleum Engineer (USD 16,200)
  13. Brand Manager (USD 15,900)
  14. Marketer (USD 15,900)
  15. Judge (USD 15,600)
  16. Treasurer (USD 15,400)
  17. Controller (USD 15,400)
  18. Pharmacist (USD 15,000)
  19. Tax Lawyer (USD 14,800)
  20. Lawyer (USD 14,800)
List with worst paid jobs in BermudaDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Bermuda?

  1. Cashier (USD 2,900)
  2. Childcare Worker (USD 3,000)
  3. Stock clerk (USD 3,100)
  4. Elder Care Worker (USD 3,100)
  5. Receptionist (USD 3,200)
  6. Bartender (USD 3,500)
  7. Food and beverage server (USD 3,500)
  8. Janitor (USD 3,500)
  9. Waiter (USD 3,600)
  10. Tour Guide (USD 3,600)
  11. Customer Service Representative (USD 4,300)
  12. Hotel Concierge (USD 4,400)
  13. Rehabilitation Counselor (USD 4,400)
  14. Travel Agent (USD 4,800)
  15. Secretary (USD 4,900)
  16. Painter (USD 5,100)
  17. Carpenter (USD 5,300)
  18. Bus Driver (USD 5,400)
  19. Artist (USD 5,400)
  20. Truck Driver (USD 5,500)
List with best paid industries in BermudaDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 16,800)
  2. Business and Management (USD 14,300)
  3. Marketing and Sales (USD 13,200)
  4. Engineering (USD 12,100)
  5. Law (USD 11,500)
  6. Accounting and Finance (USD 11,400)
  7. Computer and Information Technology (USD 11,200)
  8. Transportation and Logistics (USD 10,900)
  9. Science (USD 10,800)
  10. Education and Training (USD 9,000)
  11. Other (USD 6,700)
  12. Hospitality and Tourism (USD 5,600)
  13. Social Services (USD 4,600)
  14. Services (USD 4,200)