Average Arbitrator Salary in Panama for 2024

In this article, we will look at the average Arbitrator salary for 2024 in Panama and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does an Arbitrator Make in Panama?

An Arbitrator working in Panama will typically earn around 29,160 PAB per year, and this can range from the lowest average salary of about 15,880 PAB to the highest average salary of 49,700 PAB.

Average Annual Salary
29,160 PAB
Average Monthly Salary
2,430 PAB

Lowest Annual Salary
15,880 PAB
Lowest Monthly Salary
1,323 PAB

Highest Annual Salary
49,700 PAB
Highest Monthly Salary
4,141 PAB

These are average salaries for an Arbitrator in Panama and include benefits such as housing and transport. It's also possible for an Arbitrator to earn more or less than the average salaries shown above.

Arbitrator salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Arbitrator Salaries in Panama

So we've looked at the average salaries an Arbitrator will earn in Panama. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Arbitrator can earn between 15,880 PAB and 49,700 PAB on average in Panama. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Arbitrator in Panama is 32,960 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 32,960 PAB, and 50% of the population earn more than 32,960 PAB.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Arbitrator salary in Panama, 25% of the population are earning less than 21,020 PAB while 75% of the population earn more than 21,020 PAB.

75% of the population earn less than 40,600 PAB, and 25% of the population earn more than 40,600 PAB.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Arbitrator Salary by Experience Level in Panama

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average arbitrator salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Arbitrator in Panama that has less than two years of experience can expect to earn somewhere in the region of 15,700 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Arbitrator salary would increase to 24,800 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as an Arbitrator, the average salary would be 30,700 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 38,340 PAB.
  • 15 - 20 Years Experience. An Arbitrator with 15 to 20 years of experience can earn an average of 43,360 PAB.
  • 20+ Years Experience. For an Arbitrator with more than 20 years, the expected average salary increases to 47,120 PAB.

Average Salary by Experience Chart

0-2 Years
15,700 PAB
2-5 Years +42%
24,800 PAB
5-10 Years +31%
30,700 PAB
10-15 Years +23%
38,340 PAB
15-20 Years +6%
43,360 PAB
20+ Years +10%
47,120 PAB

Arbitrator Salary by Education Level in Panama

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Arbitrator in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Arbitrator in Panama with a bachelor's degree education can earn an average salary of 26,660 PAB.

  • Master's Degree. An Arbitrator in Panama with a master's degree education can earn an average salary of 40,420 PAB.

Average Salary by Education Chart

Bachelor's Degree
26,660 PAB
Master's Degree +43%
40,420 PAB

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Panama is around 10,600 to 31,800 PAB and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Arbitrator Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Panama, a male arbitrator will earn an average of 32,960 PAB, while a female arbitrator will earn around 29,640 PAB.

This means that a male arbitrator earns approximately 11% more than a female arbitrator for performing the same job.

Average Salary by Gender Chart in Panama

Male
32,960 PAB
Female -11%
29,640 PAB

Arbitrator Average Pay Raise in Panama

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Arbitrator in Panama is around 10% every 19 months.

The national average pay raise across all professions and industries in Panama is around 7% every 19 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 10 ÷ 19 ) × 12  = 6%

What this means is that an Arbitrator in Panama can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Panama.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Arbitrator Bonus and Incentive Rates in Panama

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Arbitrator is a moderate bonus based job, with 56% of employees reporting at least one bonus in the last 12 months.

44% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
56%
No Bonus
44%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to an Arbitrator

In the table below, we have salary information for jobs that are similar to an Arbitrator in Panama.

Job Title Category Salary
Administrative Law Judge Legal 67,020 PAB
Associate Attorney Legal 31,520 PAB
Attorney Legal 49,820 PAB
Bailiff Legal 17,100 PAB
Barrister Legal 13,700 PAB
Candidate Attorney Legal 25,660 PAB
Conciliator Legal 24,280 PAB
Contracts Associate Legal 13,100 PAB
Contracts Manager Legal 27,480 PAB
Contracts Negotiator Legal 22,420 PAB
Contracts Specialist Legal 16,880 PAB
Conveyancing Secretary Legal 13,700 PAB
Corporate Counsel Legal 35,560 PAB
Counsel Legal 33,520 PAB
Court Clerk Legal 12,760 PAB
Court Judicial Assistant Legal 19,200 PAB
Court Liaison Specialist Legal 22,420 PAB
Court Reporter Legal 16,140 PAB
Court Representative Legal 15,880 PAB
Crown Prosecution Service Lawyer Legal 65,800 PAB
General Counsel Legal 63,380 PAB
Immigration Executive Legal 32,900 PAB
In House Counsel Legal 37,740 PAB
Intellectual Property Specialist Legal 25,940 PAB
Judge Advocate Legal 50,340 PAB
Law Clerk Legal 8,880 PAB
Lawyer Legal 49,820 PAB
Legal Administrative Assistant Legal 14,620 PAB
Legal Advisor Legal 31,080 PAB
Legal Assistant Legal 13,540 PAB
Legal Associate Legal 23,380 PAB
Legal Consultant Legal 29,320 PAB
Legal Consultant Legal 32,020 PAB
Legal Counsel Legal 34,540 PAB
Legal Editor Legal 21,980 PAB
Legal Executive Legal 43,080 PAB
Legal Executive Secretary Legal 11,880 PAB
Legal IP Officer Legal 12,180 PAB
Legal Officer Legal 15,880 PAB
Legal Secretary Legal 13,900 PAB
Legal Services Director Legal 53,380 PAB
Legal Services Manager Legal 51,900 PAB
Legal Support Worker Legal 10,320 PAB
Legislative Liaison Legal 24,840 PAB
Litigation Attorney Legal 63,700 PAB
Litigation Paralegal Legal 29,840 PAB
Magistrate Judge Legal 73,820 PAB
Paralegal Legal 17,860 PAB
Patent Attorney Legal 36,700 PAB
Staff Attorney Legal 36,700 PAB

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