Cuba Panama

Updated 2026-02-25

Cuba

Minimum Wage

$MN12.12 /hr

$0.03 USD

Avg. Gross Salary

$MN6,649 /mo

Panama

Minimum Wage

B/.1.69 /hr

$1.69 USD

Avg. Gross Salary

B/.1,100 /mo

Min wage: -98% Cuba vs Panama Avg. salary: -99% Cuba vs Panama

The minimum wage in Cuba is roughly 57 times lower than in Panama in USD terms, reflecting the gap between a upper-middle-income and a upper-middle-income economy. Average gross salaries diverge further: $16/mo in Cuba versus $1,100/mo in Panama, a 67.8:1 ratio. Cuba has the tighter labor market, with unemployment at 1.8% compared to 8.4%.

Cuba's unemployment rate is 1.8% compared to Panama's 8.4%.

Detailed Comparison

Detailed wage comparison between Cuba and Panama
Metric	Cuba	Panama	Diff
Minimum wage /hr	$MN12.12 $0.03	B/.1.69 $1.69	-98.3%
Minimum wage /mo	$MN2,100 $5.12	B/.326 $326	-98.4%
Minimum wage /yr	$MN25,200 $61.46	B/.4,238 $4,238	-98.5%
Avg. gross salary /mo	$MN6,649 /mo $16.22	B/.1,100 /mo $1,100	-98.5%
Avg. net salary /mo	$MN6,300 /mo $15.37	B/.990 /mo $990	-98.4%
Median individual income /yr	$MN48,000 /yr $117.07	B/.7,800 /yr $7,800	-98.5%

Percentage differences are based on USD equivalent values. Positive means Cuba is higher.

Work Week

Cuba: 44 hrs/wk standard

Max 44 hrs/wk

Overtime : 1.25x pay

Labour Code sets standard working hours at 8 hours/day and 44 hours/week. Overtime is paid at 125% of normal rate. Some sectors work 40 hours/week.
Panama: 48 hrs/wk standard

Max 48 hrs/wk

Overtime : 1.25x pay

Labour Code sets maximum ordinary workday at 8 hours (daytime), 7 hours (mixed shift), and 6 hours (nighttime). Weekly maximum 48 hours for day work. Overtime: 25% surcharge for first 3 hours, 50% thereafter on regular days; 50% on holidays; and 75% on rest days (Sundays). Night work (6pm-6am) earns a 50% surcharge.

• WAGE TRAJECTORY (USD/hr)

Cuba Panama Source: wage.is · USD equivalent/hr

Year	Cuba (USD)	Panama (USD)
2005	$0.55/hr	—
2016	—	$250/hr
2018	—	$275/hr
2019	$0.98/hr	—
2020	$0.98/hr	$300/hr
2021	$5.12/hr	—
2022	—	$312/hr
2024	—	$326/hr

What This Means for Workers

A minimum wage worker in Cuba earns 5617% less per hour in USD terms than one in Panama. Standard work weeks differ: Cuba mandates 44 hours while Panama mandates 48 hours. A minimum wage worker's weekly earnings in Cuba are $1 vs $81 in Panama.

See this comparison from Panama's perspective: Panama vs Cuba

Compare Cuba with...

Frequently Asked Questions

Is the minimum wage higher in Cuba or Panama?

In Cuba, the minimum wage is $MN12.12/hr ($0.03 USD). In Panama, it is B/.1.69/hr ($1.69 USD). Panama has the higher rate by 5617% in USD terms. That nominal gap does not account for local prices; see the purchasing power comparison below for a cost-of-living-adjusted view. Workers in Cuba may retain a larger share of their earnings if prices there are lower.

How much less does the average worker earn in Cuba compared to Panama?

The average gross salary in Cuba is $MN6,649/mo ($16.22 USD), compared to B/.1,100/mo ($1,100 USD) in Panama. In USD terms, workers in Cuba earn approximately 6683% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Cuba and Panama is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Panama earn more in nominal terms, though how far that income stretches depends on local prices in Cuba.

How do work hours compare between Cuba and Panama?

Panama has a longer standard work week at 48 hours, compared to 44 hours in Cuba. Workers in Cuba work 44 hours per week by law. Longer mandatory hours can offset a nominally higher wage; a worker in Cuba working fewer hours may have comparable or better effective hourly earnings depending on the wage levels of each country. Total annual compensation depends on both the wage rate and the number of hours required.