Panama News: Minimum Wage Increases Between 15% and 18%

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Great news for the minimum wage workers in Panama, La Prensa news has reported that the minimum wage will be increased for workers on January 1st, 2012 to between 15% and 18%.  More information below-

The Executive yesterday approved a minimum wage increase of between 15% and 18%, according to economic activity, occupation and size of companies around the country. The monthly wage of a worker will increase to between $432 and $490

Panama Employees

Employees in Panama

per month. Today the minimum wage is between $376 and $416. The the minimum wage will take effect on 1 January 2012, according to the Executive Decree approved yesterday in the Cabinet and published in the Official Gazette. The new
layout brings into Region One – where higher wages are paid – the districts of Capira, Chame, Antón, Natá, Las Tablas, Bugaba and Boquete, which had been in Region Two. Union leader Rafael Chavarria said the increase does not meet the expectations of workers, who demanded $540 per month. Anthony Fletcher, of the Panamanian Association of Business Executives, said the increase is higher than that proposed by the business leaders, and it does not correspond with productivity. For his part, the President of the Chamber of Commerce, Industries and Agriculture of Panama Federico Humbert Arias, said the 15% adjustment would create an increase of about $300 million dollars per year in payrolls throughout the country. And this does not take into account other additional or subsequent increases that will take place within companies. “It is a ‘thrust’ against the micro and small enterprises, an important part of the engine of our economy,” he said. (Prensa)

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