This report updates the Anker Living Wage Reference Value for rural Panama to 2024. The updated Anker Gross Living Wage for 2024 is USD 615 per month, comprised of a Net Living Wage of USD 548, plus a contribution to social security and educational insurance of USD 68. The Gross Living Wage was USD 569 for 2020 in the original Reference Value report, comprised of a Net Living Wage of USD 513 plus a social security contribution of USD 56. In this report, we use the most recent inflation data to update the value of the living wage for June 2023 to June 2024; the inflation rate in this period was 0.9%. Without accounting for inflation, the Living Wage estimated in 2023 would not be sufficient for families to afford a basic but decent standard of living in 2024, because the purchasing power of the living wage would have decreased. Social security contributions and income tax were calculated using tax laws in force in June 2024.
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