Jobs in Bermuda

Job Market

Bermuda takes pride in having one of the highest gross domestic products (GDP) per capita in the world – recorded at $91,477 in 2007. The work force of Bermuda is estimated at 39,179 in 2012, while unemployment rate is approximated at 8%. Two of the major sectors that drive the economic activity of Bermuda are insurance, reinsurance and tourism. Local and foreign national job seekers can find employment opportunities in the industries of financial services and insurance. The Bermudian government encourages job seekers to check out http://www.theroyalgazette.com/section/jobsfor any vacancies.

Work Permit

The government of Bermuda protects the local job market and places utmost priority to its citizens when it comes to work opportunities, hence a labor law that requires all companies to search for a local Bermudian candidate first before considering hiring foreign nationals. Before an expat is allowed to work in Bermuda, they must first have a prospective employer. In the event that the employer does not find a Bermudian national suited for the job, the employer may begin applying for a work permit to a foreign national candidate. Foreigners should take note that they can only choose one prospective employer to do the work permit application for them in case they are offered the job. All applications for work permit are subject to the discretion and approval of the Bermuda Work Permit Authority.

The normal duration of a work permit in Bermuda for foreign nationals is one year, with a maximum of five years. If the foreigner loses their job in any case, they will be required by the Bermudian government to leave the island. Work permits are not a free pass for foreign nationals to emigrate in Bermuda – instead, they can stay as long as the work permit is valid and approved by the government, or when they marry a Bermudian national.

Furthermore, expats aspiring to work in Bermuda are expected to hold at least a graduate degree, Master’s Degree, or a PhD from a reputable university. In terms of relevant work experience and professional qualifications, they should already be earning at least $100,000 a year in gross salary. Without these qualifications, the chances of a foreign national getting hired in Bermuda are highly unlikely.

Minimum Wage/Salary

As of the moment, there is no statutory minimum wage in place in Bermuda. The income of Bermudian workers are determined by their qualifications, position in a company, and agreement between the employer and employee as set out in the individual contract of employment.

Working Conditions

The standard work week in Bermuda is eight hours a day or forty hours per week, Mondays to Fridays. Most major businesses and offices operate from 9AM to 5PM, with one hour allotted for workers’ lunch break. Regular workers who work more than 40 hours are entitled to receive overtime pay at 1.5 times their basic pay.

Under the Bermudian Employment Act 2000, all employees are entitled to two weeks’ worth of vacation after being employed for a year; eight days paid sick leave per year; and eight weeks paid and four weeks unpaid maternity leave after a year for pregnant employees. In case of unfair dismissal from work, employees have the right to take an employer to the Employment Tribunal of Bermuda.

Income Tax

Bermuda does not have a direct income tax system in place, no capital gains tax and wealth taxes, and no value-added taxes (VAT) applied to goods and services – making this British territory a perfect tax haven for companies and affluent individuals. However, all Bermudian nationals and expat workers are subject to pay a minimum of 4.75% payroll tax which is automatically deducted by the employers from their salary.

Keywords: Bermuda, jobs, work permit, minimum wage, income tax