In 2024, the national minimum wage in Panama remained fixed at €436.4 per month, that is 5,237 euros per year, taking into account 12 payments per year.
If we look at the minimum salary in Balboas, which is the official currency in Panama, we can see that, this year, it was 482.2 Balboas and accordingly, the national minimum wage has been raised 20.5 Balboas per month from the previous year, 4.44%. This increase is greater than the CPI of 2023 which was 1.9%, so workers have gained buying power in the last year.
If we look at the ranking of the national minimum wage that we publish, Panama is in 57 nd place, so it is among the countries with the lowest minimum salary of the 124 of the list.
The National Minimum Wage (NMW) of a country is the minimum amount (lowest salary) per hour, per day, or per month that employers may legally pay to workers.
In the table that follows we show you the progression of the National Minimum Wage Panama. You can see NMW in other countries in National Minimum Wage 2024 and see all the information about this country in Panama economy.