Bahamas B$ 155,000.00 Salary - Recruitment and Employment Costs Example
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Published on: 2023-05-04 12:08:02
Last modified: 2023-05-04 12:10:29
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Introduction
This page provides an example of the recruitment costs for a new member of staff employed and paying taxes in Bahamas in 2023. The calculations also provide an illustration of the ongoing costs of employment in 2023. This example of employment costs is for illustration only, you can use the True Cost of Employment in Bahamas calculator to refine the calculations to suit your own recruitment budget and business budget/overhead.
Bahamas Cost of Recruitment and Employment in 2023 Calculations
Snapshot: A new employee earning B$ 155,000.00 in Bahamas in 2023 will cost a total of B$ 200,775.49 for the first year of employment including recruitment and facilities costs. After this the operational cost of the employee will drop to B$ 188,375.49 per annum.
The table below details the cost of recruitment and operational ongoing costs for an employee earning B$ 155,000.00 in Bahamas in 2023. The calculation includes payroll deductions, for example pension and social security commitments for employers.
| Employee Salary | B$ 155,000.00 | |||
| + | Employee Bonus | B$ 6,739.13 | ||
| + | Payroll overhead | B$ 387.50 | ||
| + | Payroll Costs (Social Security etc.) | B$ 9,542.61 | ||
| = | Total Payroll Costs | B$ 171,669.24 | ||
|---|---|---|---|---|
| Employer Pension Contribution | B$ 0.00 | |||
| + | Private Healthcare | B$ 542.50 | ||
| + | Company Car | B$ 1,271.00 | ||
| + | Shares (% of Base Salary) | B$ 5.00 | ||
| = | Total Employee Benefits Costs | B$ 1,818.50 | ||
| Vacancy Advertising | B$ 310.00 | |||
| + | Employee Referral | B$ 0.00 | ||
| + | Travel and Accomodation | B$ 387.50 | ||
| + | Relocation | B$ 5,425.00 | ||
| + | External Recruitment Agency | B$ 2,325.00 | ||
| + | Tertiary Payroll | B$ 542.50 | ||
| + | Legal | B$ 1,317.50 | ||
| + | Administration | B$ 2,015.00 | ||
| = | Total Recruitment Costs | B$ 12,400.00 | ||
| Office Setup | B$ 11,625.00 | |||
| + | Office Running | B$ 465.00 | ||
| + | Telecomms | B$ 279.00 | ||
| + | Technology Resource | B$ 658.75 | ||
| + | Line Manager | B$ 1,860.00 | ||
| = | Total Facilities Costs | B$ 14,887.75 | ||
| = | Total Recruitment and First Year Cost | B$ 200,775.49 | ||
| = | Total Cost of Ongoing Employment | B$ 188,375.49 |
Bahamas Employer Payroll Obligations in 2023 Calculations
The table below provides an example of the payroll obligations and cost in Bahamas for an emplyee earning B$ 155,000.00 in 2023
| B$ 155,000.00 | Annual Employee Salary in 2023 | |
| + | B$ 6,739.13 | Annual Employee Bonus in 2023 |
| + | B$ 9,542.61 | Bahamas Employers Social Security Contributions on B$ 155,000.00 in 2023 |
| = | B$ 171,281.74 | Bahamas : Total Cost of Employee in 2023 |
| B$ 161,739.13 | Annual Income in 2023 | |
| × | 5.9% | Bahamas Social Security employer rate in 2023 |
| = | B$ 9,542.61 | Bahamas Employers Social Security Contributions on B$ 161,739.13 in 2023 |
B$ 155,000.00 Salary - Recruitment and employment costs examples for alternate tax years
Select an alternate tax year to see how the cost of employment for an employee earning B$ 155,000.00 per annum in Bahamas has changed over time.
You can access more examples, find detailed instructions on how to calculate the cost of an employee in Bahamas here