The president of the Panamanian Chamber of Commerce, Industries and Agriculture (Cciap), Juan Arias, acknowledged that the price of the basic basket has indeed increased, highlighting that there are four different measurements in the country. Arias pointed out that the highest price for the basic basket is from the MEF, valued at $9.50. He explained that in the last two years, Panama has experienced deflation, as prices in general have not risen. Meanwhile, waste collectors in region 1 will receive an additional $15.00 monthly. Arias emphasized that during the recent minimum wage negotiation, which involved workers, employers, and the government, the main objective was to maintain the maximum number of current jobs, because otherwise, unemployment would have increased. It is worth mentioning that the new minimum wage adjustments will benefit 400,000 workers nationwide. The new minimum wage will come into effect on January 16 and will be reflected in the pay period of the upcoming January 30, announced the president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap), Juan Arias. "And from there, we started to ensure that the increase was not too drastic to affect unemployment, nor too low so that people could at least cover the increase in the basic basket," he stressed. In region 1, for the domestic sector, a monthly increase of $10.00 was approved; security agents will receive $12.00 in both regions; restaurants, hotels, and cargo transportation will have a salary increase of $9.50. Furthermore, through dialogue, a drastic minimum wage increase was avoided to incentivize employers to hire personnel, thus lowering the unemployment rate. For regions 1 and 2, retail and wholesale trade will have a monthly increase of $9.50. "The most important thing was to ensure that those who had a job did not lose it," he added. He detailed that the basic baskets are from the Consumer Protection and Competition Defense Authority (Acodeco), the Ministry of Economy and Finance (MEF), the Comptroller General's Office, and the Agro-Marketing Institute (IMA).
Panama Increases Minimum Wage
Panama's government, employers, and unions have reached an agreement to raise the minimum wage, aiming to prevent an increase in unemployment. The new rates will affect 400,000 workers nationwide and will take effect on January 16.
