Average Salary in Panama 2024

Are you curious about salary norms in Panama? This insightful article highlights various aspects such as the pay scale, wage gap, yearly increments, as well as a breakdown of salaries based on education level or years of experience. Gain a deep understanding of the salary landscape in Panama and make informed decisions regarding your career. Stay informed and stay ahead with this comprehensive guide to salaries in Panama.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Panama in 2024?

What is the average salary in Panama in 2024?
790USD
(USD 9,500 yearly)
Low 360 USD
Average 790 USD
High 3,500 USD
The average salary for individuals working in Panama is about USD 790 per month. However, salary ranges from USD 360 (lowest average) to USD 3,500 (highest average, actual maximum salary is higher). Please note that this figure takes into account housing, transport, and other benefits. Salaries can significantly vary across different careers. If you would like to know the salary of a specific job title, please see the information below.
In comparison with average salary in Panama in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. Full comparison 2023 and 2024 we are able to do it at the end of this year.

Pay Scale and Salaries in Panama

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 3,500, 75% of the people earn USD 1,100 or less. 50% employees earn less USD 770 or less, 25% of the employees earn less than USD 580.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 3,500, 75% of the people earn USD 1,100 or less. 50% employees earn less USD 770 or less, 25% of the employees earn less than USD 580.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Panama the minimum salary is USD 360.

Median Salary

With half of the values above and half below it, the median salary in Panama serves as the middle point of all salaries in a dataset. This measurement provides a more balanced representation of income distribution and is commonly utilized to determine average earnings in various professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Panama the salary ranges from USD 360 to USD 3,500.

Annual Salary Increments in Panama

What is the average annual salary increment in the Panama? How frequently do employees receive salary raises?

In 2024 employees in Panama received around 0.7% salary increase. Please note that this is average across all job sectors. In comparison worldwide average for 2024 is 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
In 2024 the workforce in Panama experienced approximately 0.7% salary growth. It's important to highlight that this figure represents the average across diverse job sectors. Globally, the average salary increase for 2024 stands at 0.7%.

Historical Graph of Annual Salary Increments in Panama

Employees based in Panama have experienced a salary increase averaging 2.9% per year in recent years. This translates to a range of 0.7% to 5.4% increment per year.Download chartGet chart linkShare on FacebookShare on Twitter
In recent years, the salary of employees in Panama has witnessed an average yearly increase of 2.9%. This corresponds to a range of 0.7% to 5.4% increment per year.

Salary Forecast and Trends for the Future in Panama

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.0%. Estimated range is between 1.7% and 4.7%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.0%. Estimated range is between 1.7% and 4.7%.

Gender Wage Gap in Panama

What is the difference in pay between mens and womens? Men vs. women salary comparison.

The gender pay gap in Panama is currently 5.0%.Download chartGet chart linkShare on FacebookShare on Twitter
The gender pay disparity in Panama is 5.0%.
It's due to many factors, such as:
  • Discrimination against a specific gender.
  • On average, women take 10% extra days off as paid vacation annually in comparison to men.
  • Men are more likely than women to have a college degree.
  • Females are more inclined than males to assume caregiving responsibilities for children and elderly relatives.
  • Women are more likely than men to work part-time, and part-time workers typically earn less than full-time workers.
  • In comparison to men, women are more likely to work in lower-paying occupations.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

The completion of high school and the acquisition of a bachelor's degree offer a myriad of benefits. Above all, it greatly enhances career prospects, resulting in higher earning potential and expanded job possibilities. Apart from financial rewards, pursuing a bachelor's degree fosters personal growth, nurtures critical thinking skills, and provides the chance to specialize in a specific area of interest. It also facilitates valuable networking opportunities and encourages the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative experience that paves the way for a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. is a testament to perseverance, intellectual curiosity, and a commitment to pushing the boundaries of human understanding, ultimately leading to a fulfilling and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 17%-21% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of roughly 9%-13%. Expertise and leadership gain higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 17%-21% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of close to 9%-13%. Expertise and leadership receive higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 19%-23% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Panama

What is the average hourly wage in the Panama?

Average Hourly Wage
5USD
Low 2 USD
Average 5 USD
High 20 USD

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Hourly wages can lead to irregular or fluctuating income, posing challenges for budgeting and expense planning.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks typically associated with full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can disturb work-life balance and make it challenging to maintain consistent routines.
  • Uncertain job security: Hourly positions are sometimes more susceptible to layoffs, downsizing, or changes in demand, which can lead to job insecurity compared to salaried positions.
  • Limited career advancement: There may be limited opportunities for career growth, professional development, or upward mobility within the organization in some hourly jobs.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Panama

What are the best paying jobs in Panama?

List with best paid jobs in PanamaDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Panama?

  1. Surgeon (USD 3,500)
  2. Doctor (USD 3,200)
  3. Chief Executive Officer (CEO) (USD 3,000)
  4. Registered Nurse Anesthetist (USD 2,900)
  5. Dentist (USD 2,800)
  6. Airline Pilot (USD 2,700)
  7. Intellectual Property Lawyer (USD 2,600)
  8. Marketing Manager (USD 2,300)
  9. Marketing Director (USD 2,300)
  10. Sales Director (USD 2,200)
  11. Sales Manager (USD 2,200)
  12. Petroleum Engineer (USD 2,200)
  13. Brand Manager (USD 2,100)
  14. Marketer (USD 2,100)
  15. Judge (USD 2,100)
  16. Treasurer (USD 2,100)
  17. Controller (USD 2,100)
  18. Pharmacist (USD 2,000)
  19. Tax Lawyer (USD 2,000)
  20. Lawyer (USD 2,000)
List with worst paid jobs in PanamaDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Panama?

  1. Cashier (USD 380)
  2. Childcare Worker (USD 390)
  3. Stock clerk (USD 400)
  4. Elder Care Worker (USD 400)
  5. Receptionist (USD 420)
  6. Bartender (USD 450)
  7. Food and beverage server (USD 460)
  8. Janitor (USD 460)
  9. Waiter (USD 470)
  10. Tour Guide (USD 470)
  11. Customer Service Representative (USD 560)
  12. Hotel Concierge (USD 570)
  13. Rehabilitation Counselor (USD 580)
  14. Travel Agent (USD 630)
  15. Secretary (USD 640)
  16. Painter (USD 670)
  17. Carpenter (USD 690)
  18. Bus Driver (USD 700)
  19. Artist (USD 710)
  20. Truck Driver (USD 720)
List with best paid industries in PanamaDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 2,200)
  2. Business and Management (USD 1,900)
  3. Marketing and Sales (USD 1,800)
  4. Engineering (USD 1,600)
  5. Law (USD 1,600)
  6. Accounting and Finance (USD 1,500)
  7. Computer and Information Technology (USD 1,500)
  8. Transportation and Logistics (USD 1,500)
  9. Science (USD 1,500)
  10. Education and Training (USD 1,200)
  11. Other (USD 870)
  12. Hospitality and Tourism (USD 730)
  13. Social Services (USD 600)
  14. Services (USD 550)