It's a common understanding that earnings often change throughout a person's working life, typically increasing with experience and career progression before potentially plateauing or declining closer to retirement. But how does this general pattern play out specifically within the Bermuda job market? Data from the Bermuda Job Market Employment Briefs (September 2024), which analyzes findings from the 2023 Employment Survey, provides concrete figures on how median income varies across different age groups.
Understanding these age-related income trends offers valuable context for individuals at different stages of their careers, employers benchmarking compensation, and policymakers analyzing the economic well-being of various demographics. The survey captures data on all filled jobs reported by businesses, allowing the Department of Statistics to calculate median gross annual income for distinct age cohorts.
The key figure used is the median gross annual income. Calculated from the survey's count of filled jobs, the median represents the midpoint earnings level – half of job holders earn more, half earn less. This provides a more stable picture of typical earnings than an average (mean), as it's less affected by unusually high or low salaries. The term 'gross' indicates that this income is the total monetary compensation before any deductions, such as payroll tax or social insurance contributions. For context, the overall median income for all job holders in 2023 was $70,238. It's crucial to remember that these figures reflect the midpoint for all filled jobs held by people in that age group, spanning various industries, roles, skill levels, and work arrangements (like part-time or full-time).
Job holders under the age of 25 typically represent those in the earliest stages of their careers, often in entry-level positions, apprenticeships, or potentially balancing work with ongoing education.
This age group typically encompasses individuals who are building their careers, gaining experience, and potentially taking on more responsibility.
Traditionally considered the prime earning years, this cohort often represents individuals at the height of their careers, holding senior positions and possessing significant experience.
Workers in this age group possess extensive experience, though some may be transitioning towards retirement or potentially shifting roles.
This group includes individuals working past the traditional retirement age, potentially in different capacities or work arrangements compared to their primary careers.
The 2023 data clearly illustrates a typical earnings lifecycle pattern within the Bermuda job market:
The largest percentage income gains between 2022 and 2023 were seen at the two ends of the age spectrum: Under 25s (+11.5%) and 65+ (+4.3%).
While age provides a clear pattern, it's crucial to remember that it's just one factor influencing earnings. Industry, occupation, education level, specific skills, hours worked, company size, and individual performance all play significant roles in determining actual compensation. These median figures provide a valuable benchmark based on age demographics but do not capture the full complexity of individual salary determination. The data reflects the midpoint earnings for jobs held by people in these age groups.
The data presented here is sourced from Table 3 of the Bermuda Job Market Employment Briefs (September 2024) publication.
Disclaimer: This article summarizes median gross annual income findings by age group from the official Bermuda Job Market Employment Briefs (September 2024), based on the 2023 Employment Survey. These are median figures and individual earnings vary based on numerous factors. Always consult the official publications on the Bermuda Government website for the most complete and up-to-date employment and income data.
Important Disclaimer:
The information provided in this article is intended for general guidance and informational purposes only. It does not constitute legal or immigration advice.
While we strive to keep the information up-to-date and correct, Bermuda Government regulations, policies and procedures can change. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information contained herein for any purpose.
For the most current, accurate and official information regarding Bermuda work permits and immigration matters, please always consult the official Bermuda Government Department of Immigration website.
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