Barbados is known to be one of the wealthiest and most developed country in the Eastern Caribbean. In recent years, the country has grown its economic development from agriculture to industrialization and service along with tourism.
Bridgetown, Oistins, Holetown, and Speightstown
Digital Skills, People Management, Business analyst and Information technology engineer.
The top local universities of Barbados are as follows;
The table below mentions the average salary data in Barbados
|Job Title||Average Monthly Salary (BBD)||Average Monthly Salary (USD)|
|Financial Manager||6,490 BBD||3228 USD|
|Information Technology Manager||5,240 BBD||2606 USD|
|Business Development Manager||5,150 BBD||2561 USD|
|Human Resource Manager||5,100 BBD||2536 USD|
|Business Analyst||4310 BBD||2143 USD|
|Financial Analyst||4,240 BBD||2108 USD|
|Project Manager||3,920 BBD||1949 USD|
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The payroll cycle is monthly in Barbados.
The Minimum wage in Barbados varies from BBD200 to BBD340.
The overtime pay is 150% above the basic rate on a weekday. It increases to 200% when overtime falls on public holidays.
There is no statutory law for the 13th-month pay.
|Health Service Contribution||1.50%|
|Health Service Contribution||1.00%|
|Annual Taxable Income||Tax Rate|
|Above 50,000 BBD||28.5%|
The standard rate of VAT in Barbados is 17.5%.
The employment contract can be terminated by any party: employer or employee. However, the notice period is mandatory based on the years of service.
The notice period in Barbados is one week.
The Severance pay in Barbados is as follows;
|Years of Service||Severance Pay|
|10 years of service||1-month pay|
|10 years to 15 years||1 and half month pay|
|More than 15 years||2 and half months|
A foreign individual seeking employment in Barbados has to get a long-term visa to work in the country. The Long term visa is valid for three years, after which the individual has to renew it. The employment contract will be a primary document while applying for the visa.