Government Commission Still Debating Potential Minimum Wage Increase
Saturday, December 10 2011 @ 04:22 PM UTC
Contributed by: Don Winner
Editor's Comment: OK, so about 400,000 workers in Panama are making minimum wage. There are about 1.5 million workers in Panama - a measure of the total workforce. So therefore, the other 1.1 million are making more than minimum wage. And of course there are others who are "off the books" working in the "gray" labor market and it's hard to tell exactly what those people are earning. The total labor force - now at 1.5 million people - is growing daily as the economy continues to expand and new jobs are added. Every year X number of people retire out or leave the labor market for whatever reason. Y number of kids graduate from high school or college and enter the labor force and Y > X. Add to that Z number of people (foreigners) who immigrate to Panama in search of jobs and opportunity. But that ratio - about one third making minimum wage and about two thirds making more - is interesting.