Average Barber Salary in Panama for 2024

In this article, we will look at the average Barber 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 a Barber Make in Panama?

A Barber working in Panama will typically earn around 8,100 PAB per year, and this can range from the lowest average salary of about 6,300 PAB to the highest average salary of 15,880 PAB.

Average Annual Salary
8,100 PAB
Average Monthly Salary
675 PAB

Lowest Annual Salary
6,300 PAB
Lowest Monthly Salary
525 PAB

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

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

Barber 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 Barber Salaries in Panama

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

Salary ranges

We already know that a Barber can earn between 6,300 PAB and 15,880 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 a Barber in Panama is 8,100 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 8,100 PAB, and 50% of the population earn more than 8,100 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 Barber salary in Panama, 25% of the population are earning less than 6,080 PAB while 75% of the population earn more than 6,080 PAB.

75% of the population earn less than 11,040 PAB, and 25% of the population earn more than 11,040 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.

Barber 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 barber 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. A Barber in Panama that has less than two years of experience can expect to earn somewhere in the region of 5,160 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Barber salary would increase to 6,280 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Barber, the average salary would be 11,300 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 11,040 PAB.
  • 15 - 20 Years Experience. A Barber with 15 to 20 years of experience can earn an average of 13,900 PAB.
  • 20+ Years Experience. For a Barber with more than 20 years, the expected average salary increases to 13,560 PAB.

Average Salary by Experience Chart

0-2 Years
5,160 PAB
2-5 Years +32%
6,280 PAB
5-10 Years +34%
11,300 PAB
10-15 Years +19%
11,040 PAB
15-20 Years +8%
13,900 PAB
20+ Years +7%
13,560 PAB

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

  • High School. A Barber in Panama with a high school education can earn an average salary of 9,020 PAB.

  • Certificate or Diploma. A Barber in Panama with a certificate or diploma education can earn an average salary of 13,960 PAB.

Average Salary by Education Chart

High School
9,020 PAB
Certificate or Diploma +59%
13,960 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.

Barber 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 barber will earn an average of 8,560 PAB, while a female barber will earn around 9,140 PAB.

This means that a male barber earns approximately 6% less than a female barber for performing the same job.

Average Salary by Gender Chart in Panama

Male
8,560 PAB
Female +6%
9,140 PAB

Barber 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 a Barber in Panama is around 8% 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 = ( 8 ÷ 19 ) × 12  = 5%

What this means is that a Barber in Panama can expect to receive an average pay raise of around 5% 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%

Barber 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.

A Barber is a low bonus based job, with 27% of employees reporting at least one bonus in the last 12 months.

73% 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 0% to 3%.

Received Bonus
27%
No Bonus
73%

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 a Barber

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

Job Title Category Salary
Alterations Specialist Fashion and Apparel 9,740 PAB
Bench Jeweler Fashion and Apparel 9,020 PAB
Clothing and Textile Technologist Fashion and Apparel 20,760 PAB
Cosmetology Educator Fashion and Apparel 23,500 PAB
Diamond Setter Fashion and Apparel 12,520 PAB
Diamond Worker Fashion and Apparel 13,960 PAB
Fabric Manager Fashion and Apparel 23,700 PAB
Fashion Design Manager Fashion and Apparel 39,960 PAB
Fashion Designer Fashion and Apparel 34,960 PAB
Fashion Merchandiser Fashion and Apparel 14,540 PAB
Fashion Model Fashion and Apparel 23,400 PAB
Freelance Fashion Stylist Fashion and Apparel 36,160 PAB
Garment Technologist Fashion and Apparel 21,540 PAB
Hairstylist Fashion and Apparel 8,880 PAB
Jeweler Fashion and Apparel 18,280 PAB
Jewelry Mold Maker Fashion and Apparel 14,540 PAB
Jewelry Polisher Fashion and Apparel 8,960 PAB
Jewelry Sales Fashion and Apparel 17,260 PAB
Plating Manager Fashion and Apparel 26,780 PAB
Product Development Manager Fashion and Apparel 47,120 PAB
Sewing Machine Operator Fashion and Apparel 7,040 PAB
Shoe Sales Fashion and Apparel 11,040 PAB
Supply Chain Manager Fashion and Apparel 39,800 PAB
Tailor / Fitter Fashion and Apparel 7,820 PAB
Trend Forecaster Fashion and Apparel 24,840 PAB
Visual Merchandising Coordinator Fashion and Apparel 17,560 PAB
Visual Merchandising Projects Manager Fashion and Apparel 31,520 PAB

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