Thursday, September 3, 2020

IDB survey: Bahamian households earning under minimum wage more than double

By Natario McKenzie

COVID-19 unemployment hits 80 percent of low income Bahamian households.

NASSAU, BAHAMAS — Just over 80 percent of low income Bahamian households were impacted by loss of employment due to the COVID-19 pandemic, according to an Inter-American Development Bank (IDB) report.

The bank furthered that nearly 73 percent of Bahamian households had reported income loss in April of this year.

The findings were based on an online socioeconomic survey, which had 910 respondents.

The report, entitled “The Caribbean Crisis: Results from an Online Socioeconomic Survey”, noted that the percentage of households reporting income below the minimum wage increased from 16.1 percent in January to 47.6 percent in April.

The paper noted that the three main factors contributing to this shock were business closures, employment loss and loss of rental income.  Read more >>