Average Assistant Claims Manager Salary in Panama for 2024

In this article, we will look at the average Assistant Claims Manager 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 Assistant Claims Manager Make in Panama?

An Assistant Claims Manager working in Panama will typically earn around 26,100 PAB per year, and this can range from the lowest average salary of about 11,360 PAB to the highest average salary of 45,060 PAB.

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

Assistant Claims Manager 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 Assistant Claims Manager Salaries in Panama

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

Salary ranges

We already know that an Assistant Claims Manager can earn between 11,360 PAB and 45,060 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 Assistant Claims Manager in Panama is 27,480 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 27,480 PAB, and 50% of the population earn more than 27,480 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 Assistant Claims Manager salary in Panama, 25% of the population are earning less than 19,360 PAB while 75% of the population earn more than 19,360 PAB.

75% of the population earn less than 36,720 PAB, and 25% of the population earn more than 36,720 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.

Assistant Claims Manager 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 assistant claims manager 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 Assistant Claims Manager in Panama that has less than two years of experience can expect to earn somewhere in the region of 13,100 PAB.
• 2 - 5 Years Experience. With two to five years of experience the average Assistant Claims Manager salary would increase to 20,940 PAB.
• 5 - 10 Years Experience. From five to ten years of experience as an Assistant Claims Manager, the average salary would be 27,480 PAB.
• 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 36,160 PAB.
• 15 - 20 Years Experience. An Assistant Claims Manager with 15 to 20 years of experience can earn an average of 36,700 PAB.
• 20+ Years Experience. For an Assistant Claims Manager with more than 20 years, the expected average salary increases to 42,460 PAB.

Average Salary by Experience Chart

Assistant Claims Manager 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 Assistant Claims Manager in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

• Certificate or Diploma. An Assistant Claims Manager in Panama with a certificate or diploma education can earn an average salary of 18,780 PAB.

• Bachelor's Degree. An Assistant Claims Manager in Panama with a bachelor's degree education can earn an average salary of 28,720 PAB.

• Master's Degree. An Assistant Claims Manager in Panama with a master's degree education can earn an average salary of 40,240 PAB.

Average Salary by Education Chart

Assistant Claims Manager 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 assistant claims manager will earn an average of 27,020 PAB, while a female assistant claims manager will earn around 27,300 PAB.

This means that a male assistant claims manager earns approximately 1% less than a female assistant claims manager for performing the same job.

Average Salary by Gender Chart in Panama

Assistant Claims Manager 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 Assistant Claims Manager in Panama is around 10% every 20 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 ÷ 20 ) × 12  = 6%

What this means is that an Assistant Claims Manager 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.

Assistant Claims Manager 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 Assistant Claims Manager is a high bonus based job, with 81% of employees reporting at least one bonus in the last 12 months.

19% 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 5% to 9%.

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.

Salaries for Jobs Similar to an Assistant Claims Manager

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

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