Average Salary in Bermuda 2020
How much money does a person working in Bermuda make?
LOW
220
BMD AVERAGE
1,610
BMD HIGH
7,120
BMD
A person working in Bermuda typically earns around 1,610 BMD per month. Salaries range from 220 BMD (lowest average) to 7,120 BMD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Distribution of Salaries in Bermuda
The median, the maximum, the minimum, and the range
Salary Range
Salaries in Bermuda range from 220 BMD per month (minimum salary) to 7,120 BMD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 1,640 BMD per month, which means that half (50%) of the population are earning less than 1,640 BMD while the other half are earning more than 1,640 BMD. 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 the population are earning less than 840 BMD while 75% of them are earning more than 840 BMD. Also from the diagram, 75% of the population are earning less than 4,470 BMD while 25% are earning more than 4,470 BMD.
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
Salary Comparison by Years of Experience
How does a person's salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
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 Bermuda costs anywhere from 8,040 Bermudian Dollar(s) to 24,100 Bermudian 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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
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 employees in Bermuda earn 17% more than their female counterparts.
| Female | 1,460 BMD | |
| Male | +17% | 1,700 BMD |
Average Annual Salary Increment Percentage in Bermuda
How much are annual salary increments in Bermuda? How often do employees get salary raises?
Bermuda
Employees in Bermuda are likely to observe a salary increase of approximately 5% every 28 months.
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 2019
| Banking | 6% | |
| Energy | 3% | |
| Information Technology | 9% | |
| Healthcare | 6% | |
| Travel | 3% | |
| Construction | 9% | |
| Education | 6% |
Listed above are the average annual increase rates for each industry in Bermuda for the year 2019. 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.
Average Salary Increase Rate by Experience Level
| Junoir Level | 3% - 5% | |
| Mid-Career | 6% - 9% | |
| Senior Level | 10% - 15% | |
| Top Management | 15% - 20% |
The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.
Worldwide Salary Raises: All Countries and All Jobs
Bonus and Incentive Rates in Bermuda
How much and how often are bonuses being awarded?
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64% of surveyed staff in Bermuda reported that they haven't received any bonuses or incentives in the previous year while 36% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
| Received Bonus | 36% | |
| No Bonus | 64% |
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.
Bonus Rates Comparison by Career Field
| Finance | High | |
| Architecture | High | |
| Sales | High | |
| Business Development | High | |
| Marketing / Advertising | High | |
| Information Technology | Moderate | |
| Healthcare | Moderate | |
| Insurance | Moderate | |
| Customer Service | Moderate | |
| Human Resources | Moderate | |
| Construction | Low | |
| Transport | Low | |
| Hospitality | Low |
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.
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 Bermuda earn 14% more than their private sector counterparts.
| Private Sector | 1,480 BMD | |
| Public Sector | +14% | 1,690 BMD |
Salary Trend and Forecast in Bermuda
How are Bermuda salaries changing over time? The chart below shows the average salary change in the past few years.
| Average Salary 2016 | 1,430 BMD | |
| Average Salary 2017 | +4% | 1,480 BMD |
| Average Salary 2018 | +3% | 1,520 BMD |
| Average Salary 2019 | +2% | 1,550 BMD |
Salaries in Bermuda are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.
Salaries for popular jobs
| Job Title | Average Salary |
| Accounting and Finance | |
| Accountant | 1,100 BMD |
| Accounting Assistant | 1,080 BMD |
| Accounting Manager | 2,080 BMD |
| Bookkeeper | 840 BMD |
| Chartered Accountant | 1,440 BMD |
| Corporate Treasurer | 2,970 BMD |
| Financial Analyst | 1,620 BMD |
| Financial Manager | 3,310 BMD |
| Internal Auditor | 1,720 BMD |
Administration / Reception / Secretarial | |
| Administrative Assistant | 820 BMD |
| Office Manager | 1,090 BMD |
| Receptionist | 1,180 BMD |
| Secretary | 850 BMD |
Advertising / Grapic Design / Events | |
| Art Director | 1,520 BMD |
| Creative Director | 1,690 BMD |
| Graphic Designer | 1,170 BMD |
| Photographer | 1,090 BMD |
Airlines / Aviation / Aerospace / Defense | |
| Aerospace Engineer | 1,830 BMD |
| Air Traffic Controller | 1,580 BMD |
| Flight Attendant | 1,330 BMD |
| Pilot | 1,870 BMD |
Architecture | |
| Architect | 1,480 BMD |
| CAD Drafter | 1,230 BMD |
Automotive | |
| Mechanic | 820 BMD |
| Service Advisor | 1,300 BMD |
Banking | |
| Bank Branch Manager | 2,300 BMD |
| Teller | 1,070 BMD |
Bilingual | |
| Teacher | 1,240 BMD |
| Translator | 1,440 BMD |
Business Planning | |
| Business Analyst | 1,920 BMD |
| Business Development Manager | 2,500 BMD |
| Project Manager | 1,780 BMD |
Care Giving and Child Care | |
| Nanny | 980 BMD |
| Nursery Teacher | 1,150 BMD |
Construction / Building / Installation | |
| Civil Engineer | 1,450 BMD |
| Construction Project Manager | 1,880 BMD |
| Health and Safety Officer | 1,050 BMD |
Customer Service and Call Center | |
| Call Center Representative | 1,160 BMD |
| Customer Service Manager | 2,030 BMD |
| Customer Service Representative | 1,110 BMD |
Engineering | |
| Electrical Engineer | 1,530 BMD |
| Engineer | 1,480 BMD |
| Mechanical Engineer | 1,540 BMD |
Executive and Management | |
| Chief Executive Officer | 3,530 BMD |
| Chief Financial Officer | 3,330 BMD |
| General Manager | 2,710 BMD |
Food / Hospitality / Tourism / Catering | |
| Chef | 1,330 BMD |
| Executive Chef | 1,360 BMD |
| Hotel Manager | 2,320 BMD |
| Travel Agent | 1,360 BMD |
| Waiter / Waitress | 930 BMD |
Health and Medical | |
| Dentist | 3,960 BMD |
| Dietitian | 3,590 BMD |
| Laboratory Technician | 1,190 BMD |
| Nurse | 1,290 BMD |
Human Resources | |
| Human Resources Manager | 2,180 BMD |
| Human Resources Officer | 1,280 BMD |
Information Technology | |
| Computer Technician | 1,270 BMD |
| Database Administrator | 1,540 BMD |
| Developer / Programmer | 1,480 BMD |
| Information Technology Manager | 2,430 BMD |
| Network Engineer | 1,440 BMD |
Law Enforcement / Security / Fire | |
| Police Officer | 1,340 BMD |
Legal | |
| Attorney | 2,250 BMD |
| Legal Assistant | 1,140 BMD |
Media / Broadcasting / Arts / Entertainment | |
| Journalist | 1,620 BMD |
Pharmaceutical and Biotechnology | |
| Biomedical Engineer | 1,410 BMD |
| Pharmacist | 1,790 BMD |
Sales Retail and Wholesale | |
| Cashier | 920 BMD |
| Sales Manager | 2,600 BMD |
| Sales Representative | 1,000 BMD |
Teaching / Education | |
| Elementary School Teacher | 1,160 BMD |
| Secondary School Teacher | 1,300 BMD |
Average Hourly Wage in Bermuda
9 BMD per hourThe average hourly wage (pay per hour) in Bermuda is 9 BMD. This means that the average person in Bermuda earns approximately 9 BMD 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.
