Income Comparison: Median Earnings by Bermudian Status and Race

While Bermuda's overall job market showed positive signs in 2023, with an increase in total filled jobs and a rise in the overall median income, a closer look reveals significant variations in earnings based on demographic factors. Specifically, the Bermuda Job Market Employment Briefs (September 2024) provides detailed figures on how median gross annual income differs according to Bermudian status and race.

Understanding these disparities is essential for comprehending the nuances of Bermuda's economic landscape, informing discussions about equity, and providing context for individuals navigating the job market. The data presented originates directly from the official survey conducted by the Department of Statistics, reflecting income reported by employers for all filled jobs.

A key metric derived from the survey is the median gross annual income. Calculated from the comprehensive count of filled jobs reported by island businesses, this figure represents the midpoint earnings level: half of all job holders earn more than this amount, and the other half earn less. The term 'gross' signifies that this income includes all monetary compensation before any deductions are made for things like payroll tax or social insurance contributions. For reference, the overall median income for all job holders in 2023 stood at $70,238. This serves as a crucial benchmark against which we can compare the earnings of different demographic groups.

Median Income by Bermudian Status

The 2023 Employment Survey breaks down job holders into four main status categories, revealing distinct income patterns:

Bermudians:

This group, holding the majority (68%) of filled jobs in 2023, reported a median gross annual income of $67,187.

• This figure represents 96% of the overall median income.
• Compared to 2022 ($65,302), Bermudians saw their median earnings increase by 2.9%. This indicates positive income growth for the largest segment of the workforce.

Non-Bermudian Spouse of Bermudian:

Individuals in this category often have specific residency rights linked to their Bermudian spouse.

• Their median gross annual income was $81,393, placing them significantly above the overall median at 116%.
• This group experienced a healthy 4.0% increase in median earnings from 2022 ($78,288), suggesting strong earning potential for this segment.

Other Non-Bermudian:

This category includes individuals working in Bermuda typically under work permits, not falling into the spouse or PRC categories. They constituted 25% of filled jobs in 2023, a share that grew significantly from the previous year.

• They reported the highest median income among the status groups, at $82,563 (or 118% of the overall median).
• Interestingly, despite the high level, this group experienced a slight decrease in median earnings compared to 2022 ($82,736), down by -0.2%. While the absolute earnings remain high, the trend was marginally negative year-over-year, contrasting with the increases seen in other groups. This occurred despite a significant increase (+11.2% or +816 positions) in the number of jobs held by this group.

Permanent Resident Certificate (PRC) Holder:

PRC holders represent a smaller segment of the workforce with specific long-term residency rights.

• Their median gross annual income stood at $79,263, which is 113% of the overall median.
• This group saw the largest percentage increase in median earnings between 2022 and 2023, rising by a substantial 7.6% from $73,692.

Key Observations about Bermudian Status:

• Job holders categorized as 'Other Non-Bermudian' and 'Non-Bermudian Spouse of Bermudian' reported median incomes significantly higher than both Bermudians and the overall median.
• PRC Holders also earned well above the overall median and saw the most substantial percentage increase in earnings year-over-year.
• Bermudians earned slightly below the overall median but experienced positive income growth.
• 'Other Non-Bermudians' were the only status group to see a slight decrease in median earnings, despite holding more jobs than in the previous year.

Median Income by Race

The survey also provides median income data based on the racial identity reported for job holders, using three broad categories:

Black:

Representing the largest group of job holders (51% in 2023), individuals identifying as Black reported a median gross annual income of $64,814.

• This figure is 92% of the overall median income.
• Median earnings for this group saw a solid increase of 4.3% compared to 2022 ($62,160).

White:

This group held 30% of filled jobs in 2023.

• Their median gross annual income was $96,957, significantly higher than the overall median at 138%.
• This group also experienced positive income growth, with median earnings rising by 3.8% from 2022 ($93,404).

Mixed/Other Races:

Accounting for 18% of filled jobs in 2023 (an increasing share), this group reported the lowest median income among the racial categories.

• Their median gross annual income was $56,829, which is 81% of the overall median.
• Median earnings for this group increased by 1.0% compared to 2022 ($56,257). Although positive, this was the smallest percentage increase among the three racial categories.

Key Observations (Race):

• Significant disparities exist in median earnings based on reported race. Job holders identifying as White reported a median income substantially higher than those identifying as Black or Mixed/Other Races, and considerably above the overall median.
• Job holders identifying as Black and Mixed/Other Races reported median incomes below the overall median.
• All three groups saw increases in their median income from 2022, with the largest percentage increase observed for job holders identifying as Black.

Important Considerations

The data presented highlights clear differences in median earnings based on Bermudian status and race. However, it is crucial to interpret these findings with caution:

• Correlation vs. Causation: These statistics show correlations between demographic categories and income levels but do not explain the underlying causes for these differences. Factors such as distribution across industries and occupations, educational attainment levels, years of experience, hours worked, and other socio-economic factors, which may themselves be correlated with status or race, are not isolated in this specific breakdown.
• Median Figures: Remember these are median points for all filled jobs held by individuals within these categories. They encompass a vast range of job types and individual circumstances.
• Data Categories: The categories used (especially for race) are broad and may group together individuals with diverse backgrounds and experiences.

This data provides a vital snapshot of income distribution but requires further analysis and context to fully understand the complex factors contributing to the observed disparities.

Accessing the Full Report

The income statistics discussed in this article are sourced directly from Table 3 of the Bermuda Job Market Employment Briefs (September 2024).

Disclaimer: This article summarizes median gross annual income findings by Bermudian status and race from the official Bermuda Job Market Employment Briefs (September 2024), based on the 2023 Employment Survey. These statistics highlight disparities but do not explain their causes. Individual earnings are influenced by numerous factors beyond those discussed here. Always consult the official government publications for the most complete and accurate data.