Panama North Korea

Updated 2026-02-25

Panama

Minimum Wage

B/.1.69 /hr

$1.69 USD

Avg. Gross Salary

B/.1,100 /mo

North Korea

No statutory minimum wage

Avg. Gross Salary

₩100,000 /mo

Avg. salary: +890% Panama vs North Korea

Unlike North Korea, which has no statutory minimum wage, Panama mandates a wage floor of $2/hr. Average gross salaries diverge further: $1,100/mo in Panama versus $111/mo in North Korea, a 9.9:1 ratio. North Korea has the tighter labor market, with unemployment at 3.5% compared to 8.4%.

Panama's unemployment rate is 8.4% compared to North Korea's 3.5%.

Detailed Comparison

Detailed wage comparison between Panama and North Korea
Metric	Panama	North Korea	Diff
Minimum wage /hr	B/.1.69 $1.69	None	—
Minimum wage /mo	B/.326 $326	None	—
Minimum wage /yr	B/.4,238 $4,238	None	—
Avg. gross salary /mo	B/.1,100 /mo $1,100	₩100,000 /mo $111.11	+890.0%
Avg. net salary /mo	B/.990 /mo $990	₩90,000 /mo $100	+890.0%
Median individual income /yr	B/.7,800 /yr $7,800	N/A/yr	—

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

Work 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.
North Korea: 48 hrs/wk standard

The North Korean Labour Law formally sets an 8-hour working day. In practice, many workers are required to spend additional hours in compulsory political study, military training, and 'volunteer' labour campaigns. The actual workweek for state employees varies widely by sector and location. No independent verification of labour conditions is possible.

See this comparison from North Korea's perspective: North Korea vs Panama

Compare Panama with...

Panama vs United States $ 7.25 /hr

Panama vs China ¥ 25 /hr

Panama vs Germany € 13.9 /hr

Panama vs United Kingdom £ 12.71 /hr

Panama vs India ₹ 4,576 /mo

Panama vs Japan ¥ 1,121 /hr

Panama vs France € 12.02 /hr

Panama vs South Korea ₩ 10,320 /hr

Panama vs Canada C$ 18.1 /hr

Panama vs Australia A$ 24.95 /hr

Panama vs Brazil R$ 7.37 /hr

Panama vs Russia ₽ 156.31 /hr

Panama vs Mexico MX$ 9,583.52 /mo

Panama vs Indonesia Rp 33,058 /hr

Panama vs Netherlands € 14.71 /hr

Panama vs Saudi Arabia ﷼ 23.08 /hr

Panama vs Turkey ₺ 164.94 /hr

Panama vs Taiwan NT$ 190 /hr

Panama vs Switzerland

Panama vs Poland zł 31.4 /hr

Panama vs Thailand ฿ 10,400 /mo

Panama vs Sweden

Panama vs Argentina ARS 1,762 /hr

Panama vs Singapore

Frequently Asked Questions

Is the minimum wage higher in Panama or North Korea?

In Panama, the minimum wage is B/.1.69/hr ($1.69 USD). In North Korea, it is no statutory minimum wage.

How much more does the average worker earn in Panama compared to North Korea?

The average gross salary in Panama is B/.1,100/mo ($1,100 USD), compared to ₩100,000/mo ($111.11 USD) in North Korea. In USD terms, workers in Panama earn approximately 890% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Panama and North Korea 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 North Korea.

How do work hours compare between Panama and North Korea?

Both Panama and North Korea mandate a similar standard work week of 48 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.