Key Facts: Panama vs Venezuela Wages
- Panama Minimum Wage
- B/.1.69/hr ($1.69 USD)
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Panama Avg. Gross Monthly Salary
- B/.1,100 /mo ($1,100 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Data Sources
- Ministerio de Trabajo y Desarrollo Laboral (MITRADEL) (2026-02-24), Venezuelan Ministry of Labour (MINPPTRASS) / Decreto 4.653/2022 / Cendas-FVM. Confirmed: legal salario mínimo has been UNCHANGED at VES 130 since March 2022 (over 4 years frozen amid hyperinflation). Effective real income for workers is dominated by the 'ingreso integral' (bono de guerra económica + CESTATICKET food bonus), increased to USD 240/month effective 1 May 2026. (2026-05-04)
Panama 
Venezuela
Updated 2026-05-04
The minimum wage in Panama is roughly 91 times higher than in Venezuela in USD terms, reflecting the gap between a upper-middle-income and a upper-middle-income economy. Average gross salaries diverge further: $1,100/mo in Panama versus $14/mo in Venezuela, a 80.3:1 ratio. Venezuela has the tighter labor market, with unemployment at 5.3% compared to 8.4%.
Panama's unemployment rate is 8.4% compared to Venezuela's 5.3%.
Detailed Comparison
| Metric | Panama | Venezuela |
|---|---|---|
| Minimum wage /hr | B/.1.69 $1.69 | Bs.D0.68 $0.02 |
| Minimum wage /day | — | Bs.D5.42 $0.15 |
| Minimum wage /mo | B/.326 $326 | Bs.D130 $3.56 |
| Minimum wage /yr | B/.4,238 $4,238 | — |
| Avg. gross salary /mo | B/.1,100 /mo $1,100 | Bs.D500 /mo $13.70 |
| Avg. net salary /mo | B/.990 /mo $990 | N/A/mo |
| 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.
- Venezuela
-
40 hrs/wk standard
Max 44 hrs/wk
Overtime : 1.5x pay
Organic Labour Law (LOTTT) of 2012 sets the standard workweek at 40 hours (8 hours/day, 5 days). Certain sectors may work up to 44 hours/week. Overtime is limited to 100 hours/year and paid at a premium of at least 50%. Night work (7pm–5am) carries a 30% premium. Workers are entitled to 2 years advance notice before termination — the LOTTT provides extremely strong job security provisions. Saturday is often worked in practice in commerce/industry.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker moving from Venezuela to Panama would see a 8971% increase in USD-equivalent hourly earnings. Standard work weeks differ: Panama mandates 48 hours while Venezuela mandates 40 hours. A minimum wage worker's weekly earnings in Panama are $81 vs $1 in Venezuela.
See this comparison from Venezuela's perspective: Venezuela 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 Venezuela?
In Panama, the minimum wage is B/.1.69/hr ($1.69 USD). In Venezuela, it is Bs.D0.68/hr ($0.02 USD). Panama has the higher rate by 8971% 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 Venezuela may retain a larger share of their earnings if prices there are lower.
How much more does the average worker earn in Panama compared to Venezuela?
The average gross salary in Panama is B/.1,100/mo ($1,100 USD), compared to Bs.D500/mo ($13.70 USD) in Venezuela. In USD terms, workers in Panama earn approximately 7930% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Panama and Venezuela 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 Venezuela.
How do work hours compare between Panama and Venezuela?
Panama has a longer standard work week at 48 hours, compared to 40 hours in Venezuela. Workers in Panama work 48 hours per week by law. Longer mandatory hours can offset a nominally higher wage; a worker in Venezuela 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.