Employment income edges higher

  • Income booster: international business was the main driver of employment income gains in the second quarter of this year (File photograph)

    Income booster: international business was the main driver of employment income gains in the second quarter of this year (File photograph)


Employment income rose by 1.2 per cent in Bermuda in the second quarter of this year, according to data from the Office of the Tax Commissioner.

The island’s working population earned a total of $873.28 million during the April-through-June period, up by $10.58 million from the corresponding quarter in 2018.

The majority of the gains were achieved by the international business sector, in which the combined pay packet grew by more than $8 million to $284.49 million.

The biggest percentage gain came in the public administration and defence sector, which includes government workers. The sector recorded an increase of $4.57 million in employment income, representing a 4.3 per cent year-over-year gain, as workers earned a total of $111.78 million.

The largest percentage fall came in the transport and communication segment, in which employment compensation totalled $17.05 million, down 9.4 per cent year over year.

The data was published in the Quarterly Bulletin of Statistics, issued by the Department of Statistics on Friday.

The report also highlighted the continuing trend of rising government revenues. Data from the Office of the Accountant-General showed that the Government took in $270.3 million in the three-month period, up 6.8 per cent year over year.

Payroll tax, which amounted to $131.6 million for the three-month period, up 3.7 per cent, was by far the largest contributor to government coffers in the second quarter.

There was a notable decline of 9 per cent in Customs duty, the second-largest contributor to revenues, which fell to $53.7 million in the quarter, down from $59 million a year earlier.

On the island’s company register, there was little sign of an exodus prompted by EU-inspired economic substance rules, as the second quarter ended with 16,447 companies registered, up by 18 from a year earlier.

However, new registrations fell by 26.6 per cent to 212, a third successive quarter of year-over-year decline.

You must be registered or signed-in to post comment or to vote.

Published Nov 5, 2019 at 8:00 am (Updated Nov 4, 2019 at 11:57 pm)

Employment income edges higher

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts