Average Elderly Care Giver Salary in Panama for 2024

In this article, we will look at the average Elderly Care Giver 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 Elderly Care Giver Make in Panama?

An Elderly Care Giver working in Panama will typically earn around 8,960 PAB per year, and this can range from the lowest average salary of about 2,420 PAB to the highest average salary of 10,980 PAB.

Average Annual Salary
8,960 PAB
Average Monthly Salary
746 PAB

Lowest Annual Salary
2,420 PAB
Lowest Monthly Salary
201 PAB

Highest Annual Salary
10,980 PAB
Highest Monthly Salary
915 PAB

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

Elderly Care Giver 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 Elderly Care Giver Salaries in Panama

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

Salary ranges

We already know that an Elderly Care Giver can earn between 2,420 PAB and 10,980 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 Elderly Care Giver in Panama is 6,280 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 6,280 PAB, and 50% of the population earn more than 6,280 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 Elderly Care Giver salary in Panama, 25% of the population are earning less than 6,700 PAB while 75% of the population earn more than 6,700 PAB.

75% of the population earn less than 10,380 PAB, and 25% of the population earn more than 10,380 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.

Elderly Care Giver 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 elderly care giver 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 Elderly Care Giver in Panama that has less than two years of experience can expect to earn somewhere in the region of 4,940 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Elderly Care Giver salary would increase to 5,620 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as an Elderly Care Giver, the average salary would be 9,360 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 11,300 PAB.
  • 15 - 20 Years Experience. An Elderly Care Giver with 15 to 20 years of experience can earn an average of 12,760 PAB.
  • 20+ Years Experience. For an Elderly Care Giver with more than 20 years, the expected average salary increases to 12,180 PAB.

Average Salary by Experience Chart

0-2 Years
4,940 PAB
2-5 Years +23%
5,620 PAB
5-10 Years +42%
9,360 PAB
10-15 Years +17%
11,300 PAB
15-20 Years +10%
12,760 PAB
20+ Years +6%
12,180 PAB

Elderly Care Giver 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 Elderly Care Giver 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. An Elderly Care Giver in Panama with a high school education can earn an average salary of 5,620 PAB.

  • Certificate or Diploma. An Elderly Care Giver in Panama with a certificate or diploma education can earn an average salary of 7,240 PAB.

  • Bachelor's Degree. An Elderly Care Giver in Panama with a bachelor's degree education can earn an average salary of 12,620 PAB.

Average Salary by Education Chart

High School
5,620 PAB
Certificate or Diploma +40%
7,240 PAB
Bachelor's Degree +42%
12,620 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.

Elderly Care Giver 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 elderly care giver will earn an average of 7,300 PAB, while a female elderly care giver will earn around 9,020 PAB.

This means that a male elderly care giver earns approximately 19% less than a female elderly care giver for performing the same job.

Average Salary by Gender Chart in Panama

Male
7,300 PAB
Female +19%
9,020 PAB

Elderly Care Giver 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 Elderly Care Giver in Panama is around 9% every 18 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 = ( 9 ÷ 18 ) × 12  = 6%

What this means is that an Elderly Care Giver 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%

Elderly Care Giver 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 Elderly Care Giver is a low bonus based job, with 24% of employees reporting at least one bonus in the last 12 months.

76% 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 1% to 3%.

Received Bonus
24%
No Bonus
76%

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 Elderly Care Giver

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

Job Title Category Salary
Activity Assistant Care Giving and Child Care 8,780 PAB
Advice Worker Care Giving and Child Care 9,740 PAB
Care Manager Care Giving and Child Care 30,220 PAB
Care Worker Care Giving and Child Care 9,360 PAB
Child Care Assistant Director Care Giving and Child Care 23,520 PAB
Child Care Specialist Care Giving and Child Care 34,280 PAB
Child Care Teacher Care Giving and Child Care 9,740 PAB
Child Development Center Assistant Care Giving and Child Care 12,000 PAB
Child Development Specialist Care Giving and Child Care 36,160 PAB
Child Life Specialist Care Giving and Child Care 33,980 PAB
Child Protection Officer Care Giving and Child Care 10,080 PAB
Child Psychotherapist Care Giving and Child Care 37,880 PAB
Child Support Officer Care Giving and Child Care 9,960 PAB
Clinical Care Coordinator Care Giving and Child Care 12,300 PAB
Clinical Officer Care Giving and Child Care 10,220 PAB
Custodian Care Giving and Child Care 15,580 PAB
Day Care Director Care Giving and Child Care 42,040 PAB
Group Home Manager Care Giving and Child Care 44,300 PAB
Kids Activity Assistant Care Giving and Child Care 8,780 PAB
Live In Carer Care Giving and Child Care 8,100 PAB
Nanny Care Giving and Child Care 9,740 PAB
Nursery Nurse Care Giving and Child Care 9,740 PAB
Nursery Teacher Care Giving and Child Care 8,100 PAB
Nursing Home Administrator Care Giving and Child Care 13,560 PAB
Personal Assistant Care Giving and Child Care 6,440 PAB
Physical Health and Wellness Specialist Care Giving and Child Care 38,180 PAB
Preschool Education Coordinator Care Giving and Child Care 15,760 PAB
Primary Therapist Care Giving and Child Care 26,080 PAB
Psychiatric Aide Care Giving and Child Care 10,000 PAB
Rehabilitation Counselor Care Giving and Child Care 34,980 PAB
Support Worker Care Giving and Child Care 10,100 PAB

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