Minimum Wage in Bahamas

Bahamas: Minimum wage and average salary

In the Bahamas, the minimum wage is $210 per week. As the COVID-19 pandemic continues to wreak havoc across the country, businesses cannot afford to pay more. This has caused trade union leaders to argue that the minimum wage is not enough. But businesses would be forced to close if they didn’t earn more. In the Bahamas, however, the minimum wage is still below the level that is necessary to sustain the economy.

Living wage

The government is committed to raising the minimum wage for public and private sector workers in The Bahamas. The National Tripartite Council is currently considering how to raise the minimum wage, and the government has expressed interest in a higher livable wage for Bahamians. Several other CARICOM nations have already taken concrete action to increase their minimum wage. But it will be a long road to a livable wage for Bahamians, who are currently stuck with low wages.

Minimum wage increase

Prime Minister Philip “Brave” Davis has announced a minimum wage increase in the Bahamas. He has said that raising the minimum wage is necessary to protect the Bahamian people’s spending power. Meanwhile, Bahamian Minister of Economic Affairs Michael Halkitis said that the government hopes that the increase in minimum wage will also benefit private sector workers. However, the amount of minimum wage increase in the Bahamas will affect more than just the private sector.

Minimum Wage in BahamasPin

Cost of living

Whether you’re employed or unemployed, the question of how to make ends meet is a perennial one. In the Bahamas, a minimum wage of $650 is considered the livable wage. This is defined by living wage expert Richard Anker as the amount required to meet your basic needs, including housing, food, and other daily expenses. The research was conducted by studying the salary books and housing registration records of the Bahamas from 2016 and the 2019 Labour Market Information Newsletter.

Overtime pay

The Employment Act defines when employers must pay their employees minimum wages and overtime pay. This Bahamian law sets the minimum wage and overtime pay requirements for all employers. In general, the minimum wage in The Bahamas is $5.25 an hour. This minimum wage applies to all employers, including businesses, management companies, contract workers, and commission agents. In some circumstances, employees are entitled to additional pay based on the type of work they do.

Cost of living in Nassau

The cost of living in Nassau is higher than in other US cities. According to the latest Cost of Living Index, a basket of goods priced at USD1,000 in New York would cost nearly USD1200 in Nassau. Petrol in Nassau costs around USD1.17 per liter, and the average cost of a new sedan is USD25,508 here. Grocery shopping in Nassau costs 53 percent more than in Houston, TX, and 105% more than in Dubai, Kuala Lumpur, or other cities with similar populations.

Cost of living in Freeport

If you are traveling to the Bahamas, you may be wondering how much it costs to live in Freeport. This tropical city is the second most populous in the country, and is not exactly known for its tourist attractions. However, if you want to experience Bahamian culture in its purest form, this city is the place to be. With its low prices, you can enjoy a great vacation without breaking your bank.

Cost of living in Grand Bahama

Renting a one-bedroom apartment in the center of a large city will set you back US$500 per month, while a similar home outside of the city will cost only USD250. If you’re relocating for work, utilities and entertainment will cost about USD350 per month. The cost of local calls via prepaid mobile phone is about $0.30 per minute. Cable/ADSL internet connection costs about US$35 to $50 a month and includes unlimited data.

 

5/5 - (2 votes)
Leave a Comment