Monthly minimum wage in Panama
Panama: Monthly minimum wage was 482.18 in 2024. ▲ Rising
Monthly minimum wage in Panama, 1995–2024
Source: International Labour Organization.
Analysis
Panama recorded 482.18 for monthly minimum wage in 2024. That is the highest value across all 30 years on record.
That represents a change of up 4.4% on the previous year and up 15.9% over ten years.
Over the whole period, monthly minimum wage in Panama peaked at 482.18 in 2024 and was at its lowest, 195.5, in 1995.
Panama ranks 157th of 173 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 30 years of available data.
Monthly minimum wage in Panama, year by year
| Year | Value | Change |
|---|---|---|
| 1995 | 195.5 | — |
| 1996 | 195.5 | +0.0% |
| 1997 | 195.5 | +0.0% |
| 1998 | 212.14 | +8.5% |
| 1999 | 212.14 | +0.0% |
| 2000 | 239.2 | +12.8% |
| 2001 | 239.2 | +0.0% |
| 2002 | 239.2 | +0.0% |
| 2003 | 245.42 | +2.6% |
| 2004 | 245.42 | +0.0% |
| 2005 | 245.42 | +0.0% |
| 2006 | 264.14 | +7.6% |
| 2007 | 276.62 | +4.7% |
| 2008 | 289.1 | +4.5% |
| 2009 | 289.1 | +0.0% |
| 2010 | 318.24 | +10.1% |
| 2011 | 318.24 | +0.0% |
| 2012 | 366.05 | +15.0% |
| 2013 | 366.05 | +0.0% |
| 2014 | 415.97 | +13.6% |
| 2015 | 415.97 | +0.0% |
| 2016 | 438.85 | +5.5% |
| 2017 | 438.85 | +0.0% |
| 2018 | 457.6 | +4.3% |
| 2019 | 457.6 | +0.0% |
| 2020 | 461.72 | +0.9% |
| 2021 | 461.72 | +0.0% |
| 2022 | 461.72 | +0.0% |
| 2023 | 461.72 | +0.0% |
| 2024 | 482.18 | +4.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 202.16 | 195.5 | 212.14 | 5 |
| 2000s | 257.28 | 239.2 | 289.1 | 10 |
| 2010s | 399.34 | 318.24 | 457.6 | 10 |
| 2020s | 465.81 | 461.72 | 482.18 | 5 |
Countries ranked near Panama
More work & labour data for Panama
- Population - Est. & Proj. — Total Population - Both sexes, annual -0.192 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Male, annual growth -0.1956 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Female, annual growth -0.1888 % change on previous year (2100)
- Population - Est. & Proj. — Rural population, annual growth rate -1.03 % change on previous year (2050)
- Population - Est. & Proj. — Urban population, annual growth rate 1.09 % change on previous year (2050)
- Population - Est. & Proj. — Urban population 4,652 1000 No (2050)
- Population - Est. & Proj. — Rural population 1,175 1000 No (2050)
- Population - Est. & Proj. — Total Population - Female 2,950 1000 No (2100)
- Population - Est. & Proj. — Total Population - Male 2,955 1000 No (2100)
- Population - Est. & Proj. — Total Population - Both sexes 5,905 1000 No (2100)
Frequently asked questions
- What is monthly minimum wage in Panama?
- Monthly minimum wage in Panama was 482.18 in 2024, according to International Labour Organization.
- What is the highest monthly minimum wage recorded in Panama?
- The highest recorded value was 482.18 in 2024.
- What is the lowest monthly minimum wage recorded in Panama?
- The lowest recorded value was 195.5 in 1995.
- How does Panama rank for monthly minimum wage?
- Panama ranks 157th out of 173 countries with data for 2024.
- Is monthly minimum wage rising or falling in Panama?
- Over the last ten years it is up 15.9%. The long-run trend across the full record is rising.
- Where does this Panama data come from?
- The figures come from International Labour Organization, published as part of Monthly minimum wage (Local currency). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 30 observations, free to reuse under ILO Terms of Use (attribution required).
About this data
Data refer to the minimum monthly earnings of all employees as of December 31st of each year. Minimum wages are not reported for countries for which collective bargaining is in place for minimum wages. In cases where a national minimum wage is not mandated, the minimum wage in place in the capital or major city is used. In some cases, an average of multiple regional minimum wages is used. In countries where the minimum wage is set at the sectoral level or occupational level, the minimum wage for manufacturing or unskilled workers is generally applied. Data are converted to U.S. dollars as the common currency, using exchange rates or purchasing power parity (PPP) rates rates for private consumption expenditures. The latter series allows for international comparisons by taking account of the differences in relative prices between countries. For more information, refer to the Wages and Working Time Statistics (COND) database description.