Population

Bermuda has approximately 64,000 inhabitants (as of 2023). The population mainly consists of people of African and European descent, with smaller groups from other parts of the world.

Capital

The capital of Bermuda is Hamilton. It is the economic and political center of the archipelago and home to many international companies and financial institutions.

Economic Power

Bermuda is one of the wealthiest regions in the world, with a very high per capita income. Its economy is primarily based on financial services, particularly insurance and reinsurance, as well as tourism. Bermuda is a significant international financial hub, benefiting from low tax rates and a stable government. Traditional industries like agriculture now play a minor role. Bermuda’s GDP stood at around USD 7 billion (as of 2022).

Culture

Bermuda’s culture is a blend of British, American, and Caribbean influences. The British colonial history is evident in the architecture, festivals, and traditions. Sports such as cricket and rugby are popular, alongside American influences like baseball. Bermuda’s music scene features genres like Calypso, Reggae, and Gospel. The island also celebrates traditional British holidays, such as Queen’s Day and the Cup Match cricket competition.

Currency

The official currency of Bermuda is the Bermuda Dollar (BMD), which is pegged to the US Dollar at a 1:1 ratio. The US Dollar is also widely accepted.

Health Insurance and Social Security System
Health insurance is mandatory in Bermuda for both employers and employees. Employers are required to provide basic health insurance coverage for their employees, which includes medical care. Healthcare is delivered through public and private facilities, with relatively high healthcare costs.
Bermuda’s social security system covers contributions for pensions, unemployment insurance, and health insurance. Both employers and employees contribute to the system.

Employer Costs

Employer costs include social security contributions and health insurance expenses. Employers must contribute to social security, which amounts to approximately 10.75% of the gross salary (as of 2021), shared between employers and employees. Additionally, employers bear the cost of health insurance.

Salary and Bonuses

Salaries in Bermuda are relatively high due to the high cost of living. Average wages vary significantly across sectors, with the financial and insurance sectors being particularly well-paid. There is no legal minimum wage, but bonuses are common in many businesses, especially in the financial sector.

Payroll

Employers are required to provide employees with monthly payslips, detailing all deductions, including taxes, social security, and health insurance contributions. Bermuda does not impose income tax, but payroll taxes apply.

Public Holidays

Bermuda has 10 public holidays, including New Year’s Day, Easter Monday, Labour Day (the first Friday in June), Independence Day (August 1), and Christmas. Employees are entitled to paid time off on these days.

Working Hours

The standard working hours are typically 40 hours per week, with 8 hours per day. Overtime must be compensated at a higher rate, usually 1.5 times the normal hourly rate, in accordance with legal requirements.

Vacation

Employees in Bermuda are entitled to at least two weeks of paid vacation per year. With longer tenure or higher positions, this entitlement may increase to three weeks or more.

Sick Leave

If an employee is unable to work due to illness, they are entitled to sick leave, covered by both health insurance and the social security system. A medical certificate is usually required to claim sick leave benefits.

Termination/Severance

Labor laws in Bermuda protect employees from unjust dismissal. The notice period depends on the length of employment, generally ranging from one to four weeks. In cases of redundancy, employees may be entitled to severance pay, calculated based on their length of service.

These details provide a comprehensive overview of the labor and economic regulations in Bermuda.