Laboratory Technician Average Salary in Bahamas 2023
How much money does a Laboratory Technician make in Bahamas?
LOW
18,800
BSD AVERAGE
34,800
BSD HIGH
52,500
BSD
A person working as a Laboratory Technician in Bahamas typically earns around 34,800 BSD per year. Salaries range from 18,800 BSD (lowest) to 52,500 BSD (highest).
This is the average yearly salary including housing, transport, and other benefits. Laboratory Technician salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Laboratory Technician Salary Distribution in Bahamas
The median, the maximum, the minimum, and the range
Salary Range
Laboratory Technician salaries in Bahamas range from 18,800 BSD per year (minimum salary) to 52,500 BSD per year (maximum salary).
Median Salary
The median salary is 32,000 BSD per year, which means that half (50%) of people working as Laboratory Technician(s) are earning less than 32,000 BSD while the other half are earning more than 32,000 BSD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Laboratory Technician(s) are earning less than 22,800 BSD while 75% of them are earning more than 22,800 BSD. Also from the diagram, 75% of Laboratory Technician(s) are earning less than 38,900 BSD while 25% are earning more than 38,900 BSD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
Laboratory Technician Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Laboratory Technician salaries by experience level and this is what we found.
A Laboratory Technician with less than two years of experience makes approximately 21,800 BSD per year.
While someone with an experience level between two and five years is expected to earn 27,600 BSD per year, 26% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 36,300 BSD per year, 32% more than someone with two to five years of experience.
Additionally, Laboratory Technician(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 42,700 BSD per year, 18% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 47,300 BSD per year, 11% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 50,300 BSD per year, 6% more than people with fifteen to twenty years of experience.
Laboratory Technician average salary change by experience in Bahamas
| 0 - 2 Years | 21,800 BSD | |
| 2 - 5 Years | +26% | 27,600 BSD |
| 5 - 10 Years | +32% | 36,300 BSD |
| 10 - 15 Years | +18% | 42,700 BSD |
| 15 - 20 Years | +11% | 47,300 BSD |
| 20+ Years | +6% | 50,300 BSD |
Typical Salary Progress for Most Careers
Laboratory Technician Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Laboratory Technician(s) who have the same experience but different education levels.
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Laboratory Technician salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Laboratory Technician is 28,200 BSD per year.
While someone with a Master's Degree gets a salary of 43,100 BSD per year, 53% more than someone having a Bachelor's Degree degree.
Laboratory Technician average salary difference by education level in Bahamas
| Bachelor's Degree | 28,200 BSD | |
| Master's Degree | +53% | 43,100 BSD |
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Bahamas costs anywhere from 19,500 Bahamian Dollar(s) to 58,400 Bahamian Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Laboratory Technician Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Laboratory Technician employees in Bahamas earn 9% more than their female counterparts on average.
| Male | 36,000 BSD | |
| Female | -8% | 33,000 BSD |
Salary Comparison By Gender in Bahamas for all Careers
Laboratory Technician Average Annual Salary Increment Percentage in Bahamas
How much are annual salary increments in Bahamas for Laboratory Technician(s)? How often do employees get salary raises?
Laboratory Technician
Laboratory Technician(s) in Bahamas are likely to observe a salary increase of approximately 6% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Bahamas / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Annual Increment Rate By Industry 2022
| Banking | 7% | |
| Energy | 5% | |
| Information Technology | 3% | |
| Healthcare | 1% | |
| Travel | 8% | |
| Construction | 6% | |
| Education | 4% |
Listed above are the average annual increase rates for each industry in Bahamas for the year 2022. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Laboratory Technician Bonus and Incentive Rates in Bahamas
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/bahamas/health-and-medical/healthcare-technical/laboratory-technician/annual-salary-bonus-rate-bahamas-laboratory-technician.jpg
A Laboratory Technician is considered to be a low bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
92% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 8% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 1% to 2% of their annual salary.
| Received Bonus | 8% | |
| No Bonus | 92% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Laboratory Technician Average Hourly Wage in Bahamas
17 BSD per hourThe average hourly wage (pay per hour) in Bahamas is 17 BSD. This means that the average Laboratory Technician in Bahamas earns approximately 17 BSD for every worked hour.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
Laboratory Technician VS Other Jobs
The average salary for Laboratory Technician is 40% less than that of Healthcare Technical. Also, Healthcare Technical salaries are 17% less than those of Health and Medical.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Academic Clinician | 93,800 BSD |  +170% |
| Admitting Officer | 36,200 BSD | +4% |
| Ambulance Dispatcher | 35,400 BSD | +2% |
| Ambulance Driver | 33,000 BSD |  -5% |
| Ambulance Officer and Paramedic | 38,000 BSD | +9% |
| Ambulatory Services Director | 71,300 BSD | +110% |
| Anatomic Pathology Supervisor | 80,100 BSD | +130% |
| Anesthesia Technician | 52,200 BSD | +50% |
| Anesthesiologist | 154,000 BSD | +340% |
| Anesthesiology Assistant | 50,700 BSD | +46% |
| Assistant Optometrist | 42,400 BSD | +22% |
| Audiologist | 85,200 BSD | +140% |
| Biomedical Engineering Director | 67,700 BSD | +95% |
| Biomedical Engineering Technician | 36,100 BSD | +4% |
| Cardiac Technician | 32,100 BSD | -8% |
| Cardiovascular Specialist | 181,000 BSD | +420% |
| Cardiovascular Technologist | 69,900 BSD | +100% |
| Central Sterile Processing Technician | 42,400 BSD | +22% |
| Charge Entry Specialist | 45,100 BSD | +30% |
| Clinical Application Specialist | 43,600 BSD | +25% |
| Clinical Biochemist | 81,000 BSD | +130% |
| Clinical Cytogeneticist | 70,100 BSD | +100% |
| Clinical Data Reviewer | 44,300 BSD | +27% |
| Clinical Development Specialist | 56,200 BSD | +62% |
| Clinical Field Associate | 45,700 BSD | +31% |
| Clinical Genetic Technologist | 73,400 BSD | +110% |
| Clinical Microbiologist | 93,800 BSD | +170% |
| Clinical Molecular Geneticist | 79,400 BSD | +130% |
| Clinical Neuropsychologist | 98,900 BSD | +180% |
| Clinical Research Coordinator | 51,600 BSD | +48% |
| Clinical Scientist | 99,000 BSD | +180% |
| CME Specialist | 74,800 BSD | +120% |
| CT Technologist | 42,400 BSD | +22% |
| Cytogenetic Technologist | 64,300 BSD | +85% |
| Diagnostic Medical Sonographer | 56,500 BSD | +62% |
| Dispensing Optician | 42,900 BSD | +23% |
| Dosimetrist | 60,100 BSD | +73% |
| EKG Technician | 43,600 BSD | +25% |
| Endoscopic Assistant | 38,500 BSD | +11% |
| Endoscopy Technician | 37,200 BSD | +7% |
| Enterostomal Therapist | 61,100 BSD | +76% |
| Epidemiologist | 75,000 BSD | +120% |
| FGP Ultrasound Techncian | 37,200 BSD | +7% |
| Health Systems Specialist | 53,800 BSD | +55% |
| Health Technologist | 61,400 BSD | +77% |
| Healthcare Data Analyst | 48,800 BSD | +40% |
| Hearing Aid Specialist | 50,800 BSD | +46% |
| Histotechnologist | 58,000 BSD | +67% |
| Immunologist | 89,600 BSD | +160% |
| Industrial Hygienist | 62,300 BSD | +79% |
| Infection Control Coordinator | 46,200 BSD | +33% |
| Infection Control Practitioner | 95,700 BSD | +180% |
| Infection Preventionist | 69,900 BSD | +100% |
| Informatics Practice Specialist | 55,400 BSD | +59% |
| Interventional Radiographer | 77,300 BSD | +120% |
| Lab Assistant | 35,100 BSD | +1% |
| Laboratory Manager | 65,000 BSD | +87% |
| Laboratory Technician | 34,800 BSD | +0% |
| Low Vision Therapist | 81,600 BSD | +130% |
| Mammography Technician | 36,500 BSD | +5% |
| Medical Coder | 32,100 BSD | -8% |
| Medical Courier | 25,500 BSD | -27% |
| Medical Equipment Preparer | 38,000 BSD | +9% |
| Medical Forms Designer | 31,600 BSD | -9% |
| Medical Technologist | 41,900 BSD | +20% |
| MRI Technologist | 38,300 BSD | +10% |
| Music Therapist | 55,800 BSD | +60% |
| Neonatologist | 107,000 BSD | +210% |
| Neurodiagnostic Techncian | 36,800 BSD | +6% |
| Neuropsychology Testing Assistant | 34,400 BSD | -1% |
| Nuclear Medical Technician | 54,100 BSD | +56% |
| Nuclear Medicine Technolgoist | 51,000 BSD | +47% |
| Nutrition Assistant | 36,200 BSD | +4% |
| Occupaitional Therapy Assistant | 40,800 BSD | +17% |
| Operating Room Scheduler | 36,400 BSD | +5% |
| Operating Room Services Director | 104,000 BSD | +200% |
| Ophthalmic Assistant | 39,200 BSD | +13% |
| Ophthalmic Laboratory Technician | 39,800 BSD | +14% |
| Optician | 80,800 BSD | +130% |
| Orthopedic Technician | 39,300 BSD | +13% |
| Orthoptist | 112,000 BSD | +220% |
| Orthotist | 103,000 BSD | +200% |
| Pathology Assistant | 37,600 BSD | +8% |
| Perfusionist | 124,000 BSD | +260% |
| Phlebotomist | 29,400 BSD | -15% |
| Pre Authorization Case Manager | 55,000 BSD | +58% |
| Prosthetist | 85,900 BSD | +150% |
| Radiation Therapist | 133,000 BSD | +280% |
| Radiation Therapy Technologist | 52,600 BSD | +51% |
| Radiographer | 86,500 BSD | +150% |
| Radiography Technologist | 53,500 BSD | +54% |
| Radiologic Technologist | 51,900 BSD | +49% |
| Radiology Technologist | 54,800 BSD | +58% |
| Respiratory Care Practitioner | 101,000 BSD | +190% |
| Respiratory Therapist | 77,300 BSD | +120% |
| Respiratory Therapy Technician | 45,000 BSD | +29% |
| Sonographer | 56,500 BSD | +62% |
| Sonography Technologist | 56,500 BSD | +62% |
| Speech and Language Pathologist | 83,100 BSD | +140% |
| Ultrasonographer | 45,200 BSD | +30% |
| Ultrasound Technologist | 43,100 BSD | +24% |
| Vascular Technologist | 36,100 BSD | +4% |
| X-Ray Technologist | 53,700 BSD | +54% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Bahamas earn 10% more than their private sector counterparts on average across all sectors.
| Private Sector | 45,300 BSD | |
| Public Sector | +10% | 50,000 BSD |
