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New Minimum Wage Regime for the Republic of Panama 2024/2025
- administracion58436
- Jan 15, 2024
- 1 min read
The Ministry of Labor and Workforce Development has issued Executive Decree No. 1 of January 10, 2024, which sets the new minimum wage in the Republic of Panama, by industry and region.
According to the Ministry of Labor, the new minimum wage rate increases by 4.5% for small businesses, 6.0% for large businesses, and 7.0% for the banana industry; while the simple average minimum wage has been set at B/.636.80.
The new minimum wage rates in the Republic of Panama will take effect as of January 16, 2024.
Access the Comparative Minimum Wage Chart in Panama 2022/2023 vs. 2024/2025
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