Reference Value Report: Living Wage Report and 2024 Update for Rural Panama
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.
2024 Reference Value Update Report: Living Wage Report for Rural Panama
Abstract
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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Original Report
2020 Reference Value Report: Living Wage Report for Rural Panama
Abstract
The Anker Living Wage Reference Value for 2020 for rural Panama is USD 569, including tax, per month with a 95% confidence interval around it from USD 505 to USD 640. This is the wage required for workers to be able to afford a basic but decent living standard in a typical rural area of Panama. The Reference Value is comprised of a net living wage (i.e. take-home pay) of USD 513 per month plus USD 56 per month which would be deducted by law from pay per month for social security. Workers earning a living wage would not have to pay income tax, since workers who earn an annual amount of USD 11,000 or less are not required to pay personal income tax.
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