How much does a Panaman make a year?

The average salary in Panama is 25,400 PAB (Panamanian Balboa) per year, which is approximately 25,509 USD as per the exchange rates of April 2023. This is less than developed countries like the United States, South Korea, and the UK. Due to its fast-growing economy and proximity to North America, Panama has become an outsourcing hotspot.

How much do people in Panama make a year?

Specific salaries may vary based on factors such as education, experience, job title, etc. The median salary in Panama is 22,560 PAB per year. This means that half (50%) of the population earn less than 22,560 PAB, and the other half earn more than 22,560 PAB. In other words, the median represents the middle salary value.

How much does a Panamanian employee get paid?

A Panamanian employee earns an average minimum wage of 3 PAB per hour. Employees who receive an hourly wage are usually entitled to overtime pay, whereas salaried employees typically receive a fixed salary. However, the average salaries alone won’t give you an accurate picture of Panamanian salary rates.