Key Facts: Venezuela vs Panama Wages
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Panama Minimum Wage
- B/.1.69/hr ($1.69 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Panama Avg. Gross Monthly Salary
- B/.1,100 /mo ($1,100 USD)
- Data Sources
- 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), Ministerio de Trabajo y Desarrollo Laboral (MITRADEL) (2026-02-24)
Venezuela 
Panama
Updated 2026-05-04
The minimum wage in Venezuela is roughly 91 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: $14/mo in Venezuela versus $1,100/mo in Panama, a 80.3:1 ratio. Venezuela has the tighter labor market, with unemployment at 5.3% compared to 8.4%.
Venezuela's unemployment rate is 5.3% compared to Panama's 8.4%.
Detailed Comparison
| Metric | Venezuela | Panama |
|---|---|---|
| Minimum wage /hr | Bs.D0.68 $0.02 | B/.1.69 $1.69 |
| Minimum wage /day | Bs.D5.42 $0.15 | — |
| Minimum wage /mo | Bs.D130 $3.56 | B/.326 $326 |
| Minimum wage /yr | — | B/.4,238 $4,238 |
| Avg. gross salary /mo | Bs.D500 /mo $13.70 | B/.1,100 /mo $1,100 |
| Avg. net salary /mo | N/A/mo | B/.990 /mo $990 |
| Median individual income /yr | N/A/yr | B/.7,800 /yr $7,800 |
Percentage differences are based on USD equivalent values. Positive means Venezuela is higher.
Work Week
- 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.
- 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)
What This Means for Workers
A minimum wage worker in Venezuela earns 8971% less per hour in USD terms than one in Panama. Standard work weeks differ: Venezuela mandates 40 hours while Panama mandates 48 hours. A minimum wage worker's weekly earnings in Venezuela are $1 vs $81 in Panama.
See this comparison from Panama's perspective: Panama vs Venezuela
Compare Venezuela with...
Venezuela vs United States $ 7.25 /hr 
Venezuela vs China ¥ 25 /hr 
Venezuela vs Germany € 13.9 /hr 
Venezuela vs United Kingdom £ 12.71 /hr 
Venezuela vs India ₹ 4,576 /mo 
Venezuela vs Japan ¥ 1,121 /hr 
Venezuela vs France € 12.02 /hr 
Venezuela vs South Korea ₩ 10,320 /hr 
Venezuela vs Canada C$ 18.1 /hr 
Venezuela vs Australia A$ 24.95 /hr 
Venezuela vs Brazil R$ 7.37 /hr 
Venezuela vs Russia ₽ 156.31 /hr 
Venezuela vs Mexico MX$ 9,583.52 /mo 
Venezuela vs Indonesia Rp 33,058 /hr 
Venezuela vs Netherlands € 14.71 /hr 
Venezuela vs Saudi Arabia ﷼ 23.08 /hr 
Venezuela vs Turkey ₺ 164.94 /hr 
Venezuela vs Taiwan NT$ 190 /hr 
Venezuela vs Switzerland 
Venezuela vs Poland zł 31.4 /hr 
Venezuela vs Thailand ฿ 10,400 /mo 
Venezuela vs Sweden 
Venezuela vs Argentina ARS 1,762 /hr 
Venezuela vs Singapore Frequently Asked Questions
Is the minimum wage higher in Venezuela or Panama?
In Venezuela, the minimum wage is Bs.D0.68/hr ($0.02 USD). In Panama, it is B/.1.69/hr ($1.69 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 less does the average worker earn in Venezuela compared to Panama?
The average gross salary in Venezuela is Bs.D500/mo ($13.70 USD), compared to B/.1,100/mo ($1,100 USD) in Panama. In USD terms, workers in Venezuela earn approximately 7930% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Venezuela 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 Venezuela.
How do work hours compare between Venezuela and Panama?
Panama has a longer standard work week at 48 hours, compared to 40 hours in Venezuela. Workers in Venezuela work 40 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.