Average Procurement Agent Salary in Panama for 2024

In this article, we will look at the average Procurement Agent 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 Procurement Agent Make in Panama?

A Procurement Agent working in Panama will typically earn around 15,700 PAB per year, and this can range from the lowest average salary of about 8,960 PAB to the highest average salary of 26,100 PAB.

Average Annual Salary
15,700 PAB
Average Monthly Salary
1,308 PAB

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

Highest Annual Salary
26,100 PAB
Highest Monthly Salary
2,175 PAB

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

Procurement Agent 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 Procurement Agent Salaries in Panama

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

Salary ranges

We already know that a Procurement Agent can earn between 8,960 PAB and 26,100 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 Procurement Agent in Panama is 16,980 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 16,980 PAB, and 50% of the population earn more than 16,980 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 Procurement Agent salary in Panama, 25% of the population are earning less than 12,200 PAB while 75% of the population earn more than 12,200 PAB.

75% of the population earn less than 23,260 PAB, and 25% of the population earn more than 23,260 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.

Procurement Agent 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 procurement agent 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 Procurement Agent in Panama that has less than two years of experience can expect to earn somewhere in the region of 10,380 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Procurement Agent salary would increase to 13,780 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Procurement Agent, the average salary would be 20,300 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 21,980 PAB.
  • 15 - 20 Years Experience. A Procurement Agent with 15 to 20 years of experience can earn an average of 23,480 PAB.
  • 20+ Years Experience. For a Procurement Agent with more than 20 years, the expected average salary increases to 27,040 PAB.

Average Salary by Experience Chart

0-2 Years
10,380 PAB
2-5 Years +38%
13,780 PAB
5-10 Years +42%
20,300 PAB
10-15 Years +22%
21,980 PAB
15-20 Years +6%
23,480 PAB
20+ Years +9%
27,040 PAB

Procurement Agent 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 Procurement Agent 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 Procurement Agent in Panama with a high school education can earn an average salary of 10,080 PAB.

  • Certificate or Diploma. A Procurement Agent in Panama with a certificate or diploma education can earn an average salary of 17,560 PAB.

  • Bachelor's Degree. A Procurement Agent in Panama with a bachelor's degree education can earn an average salary of 27,380 PAB.

Average Salary by Education Chart

High School
10,080 PAB
Certificate or Diploma +51%
17,560 PAB
Bachelor's Degree +50%
27,380 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.

Procurement Agent 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 procurement agent will earn an average of 17,760 PAB, while a female procurement agent will earn around 15,380 PAB.

This means that a male procurement agent earns approximately 15% more than a female procurement agent for performing the same job.

Average Salary by Gender Chart in Panama

Male
17,760 PAB
Female -15%
15,380 PAB

Procurement Agent 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 Procurement Agent in Panama is around 8% 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 = ( 8 ÷ 20 ) × 12  = 5%

What this means is that a Procurement Agent 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%

Procurement Agent 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 Procurement Agent 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 2% to 7%.

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 a Procurement Agent

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

Job Title Category Salary
Asset Management Associate Purchasing and Inventory 21,560 PAB
Asset Protection Associate Purchasing and Inventory 21,380 PAB
Asset Protection Specialist Purchasing and Inventory 22,340 PAB
Assistant Buyer Purchasing and Inventory 19,060 PAB
Buyer Purchasing and Inventory 34,240 PAB
Capacity Planner Purchasing and Inventory 24,280 PAB
Category Leader Purchasing and Inventory 20,760 PAB
Category Management Specialist Purchasing and Inventory 22,540 PAB
Category Manager Purchasing and Inventory 25,720 PAB
Channel Services Representative Purchasing and Inventory 20,760 PAB
Contracts Manager Purchasing and Inventory 26,080 PAB
Contracts Specialist Purchasing and Inventory 22,420 PAB
Demand Planner Purchasing and Inventory 26,020 PAB
Demand Planning Manager Purchasing and Inventory 28,720 PAB
Distribution Assistant Purchasing and Inventory 20,500 PAB
Distribution Associate Purchasing and Inventory 18,940 PAB
Distribution Manager Purchasing and Inventory 44,300 PAB
Inventory Analyst Purchasing and Inventory 19,940 PAB
Inventory Control Clerk Purchasing and Inventory 10,080 PAB
Inventory Control Manager Purchasing and Inventory 31,400 PAB
Inventory Management Associate Purchasing and Inventory 22,420 PAB
Inventory Specialist Purchasing and Inventory 19,980 PAB
Logistics Engineer Purchasing and Inventory 21,020 PAB
Master Planner Purchasing and Inventory 20,460 PAB
Material Handler Purchasing and Inventory 12,240 PAB
Material Planning Specialist Purchasing and Inventory 18,280 PAB
Merchandise Manager Purchasing and Inventory 25,940 PAB
Procurement Administrator Purchasing and Inventory 29,040 PAB
Procurement Analyst Purchasing and Inventory 28,820 PAB
Procurement Assistant Purchasing and Inventory 17,860 PAB
Procurement Associate Purchasing and Inventory 22,420 PAB
Procurement Clerk Purchasing and Inventory 12,020 PAB
Procurement Engineer Purchasing and Inventory 23,520 PAB
Procurement Manager Purchasing and Inventory 41,820 PAB
Procurement Officer Purchasing and Inventory 12,840 PAB
Procurement Process Analyst Purchasing and Inventory 25,160 PAB
Procurement Specialist Purchasing and Inventory 20,940 PAB
Production Planner Purchasing and Inventory 23,700 PAB
Project Buyer Purchasing and Inventory 28,820 PAB
Purchaser Purchasing and Inventory 31,520 PAB
Purchasing Agent Purchasing and Inventory 18,940 PAB
Purchasing Assistant Purchasing and Inventory 12,520 PAB
Purchasing Manager Purchasing and Inventory 44,720 PAB
Purchasing Officer Purchasing and Inventory 21,380 PAB
Purchasing Supervisor Purchasing and Inventory 28,900 PAB
Shipping and Receiving Clerk Purchasing and Inventory 12,300 PAB
Shipping Coordinator Purchasing and Inventory 20,000 PAB
Stock Clerk Purchasing and Inventory 12,520 PAB
Stock Regulator Purchasing and Inventory 13,780 PAB
Storage Manager Purchasing and Inventory 26,400 PAB
Store Keeper Purchasing and Inventory 12,760 PAB
Stores and Logistics Coordinator Purchasing and Inventory 22,660 PAB
Supply Chain Analyst Purchasing and Inventory 32,020 PAB
Supply Chain Coordinator Purchasing and Inventory 23,260 PAB
Supply Chain Development Manager Purchasing and Inventory 40,640 PAB
Supply Chain Director Purchasing and Inventory 47,540 PAB
Supply Chain Manager Purchasing and Inventory 41,480 PAB
Supply Planner Purchasing and Inventory 21,560 PAB
Warehouse Assistant Purchasing and Inventory 10,320 PAB
Warehouse Clerk Purchasing and Inventory 9,440 PAB
Warehouse Executive Purchasing and Inventory 38,140 PAB
Warehouse Lead Purchasing and Inventory 25,160 PAB
Warehouse Manager Purchasing and Inventory 41,660 PAB
Warehouse Supervisor Purchasing and Inventory 25,720 PAB
Wholesale Buyer Purchasing and Inventory 33,520 PAB

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