Labour Force Survey highlights rising employment rates
A labour survey has shown falling unemployment and increased salaries, the House of Assembly heard this morning.
Jason Hayward, the Minister of Economy and Labour, said that the May 2024 Labour Force Survey found the labour market to be “robust”, with increased employment.
“The unemployment rate for Bermudians stood at 1.6 per cent in May 2024, a decrease from the rate reported in November 2023,” Mr Hayward said.
“This is another positive indicator as economic and labour policies continue to support local employment. The youth unemployment rate for persons aged 16 to 24 stood at 2.4 per cent in May 2024.”
He ascribed the reduction from the November 2023 youth unemployment rate to a combination of more employed young people and less youth seeking employment.
Mr Hayward added that the employment rate on the island had increased to 81.4 per cent with Bermudians representing 76.3 per cent of the work force.
He said the median gross annual income for workers’ main jobs had risen to $73,157.
“While the findings indicate progress in terms of a steady improvement and growth in the labour market, the Government will continue to press on with its effective policies and programmes that support Bermuda’s workers,” Mr Hayward continued.
“Investment in people is a cornerstone of Bermuda’s economic development strategy. The Bermuda Government has consistently prioritised workforce development, recognising that a well trained and educated populace is essential for economic growth and stability.
“By investing in education, training, and certification programmes, the Government is enhancing Bermudians’ skills and fostering a culture of continuous learning and professional development.”
Mr Hayward urged the public to take advantage of the programmes and services offered by the Department of Workforce Development, whether they are looking for work or seeking to enhance their skill set.
“The team is there to support you with career guidance, training opportunities, apprenticeship placements and job referrals tailored to your goals,” he said.
“Explore their services online at www.dwd.bm. Your future starts with a single step. Let us help you take it.”
• To read the minister’s statement in full, see Related Media
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