#Panama 🇵🇦 #BDS_LaborAlert: Proper Handling of the Christmas Bonus or Gratification
With the arrival of the Christmas and end-of-year season, it is usual for companies to grant an...
Feb 9, 2024 10:30:00 AM
#Panama 🇵🇦 #BDS_LaborAlert: Minimum Wage Adjustment Published
On Wednesday, January 10, Executive Decree No. 1 dated January 10, 2024 was published, establishing the adjustment in minimum wages for the current year throughout the national territory.
According to this decree, the minimum wage increases will be as follows:
- 4.5% for all small-sized businesses.
- 6.0% for large-sized companies.
- 7.0% for banana companies.
These increases will be consistent across both regions of the country and will be effective from the second half of January, specifically starting January 16, 2024.
Upon publication of this decree, employers and workers alike will have certainty regarding the adjustments to be made. The Executive Decree that formalizes the new rates and outlines the corresponding hourly wages for each economic activity can be reviewed here (Spanish version).