Panama

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:

LABOUR MARKET

 

 

Labour market indicators

Unemployment rate in 1999: 11.8% (ILO data)


Working population:

Year

Total Population

Working population

Activity rate

2004  

3 027 812  
1 280 825  
42%  
Source : Worldbank


Employment by sector:

Year

Agriculture

Industry

Services

2003  

17.5%  
17.2%  
65.2%  
Sources: ILO, Eurostat, last available data

 

Employment contracts
The employment contracts are regulated by legal clauses and to a lesser degree by collective agreements and individual negotiations.
The terms of employment contracts, the conditions for hiring and the limits for dismissal are rigid.


Salaries

National monthly minimum wage as of 01/01/03: from US$ 0.80 to US$ 1.50 by hour, depending on the activity sector and the area

Average wage for a employee in the manufacturing industry in 2004: 1.9 balboas by  hour (ILO data)


Social security contributions

Employer: 10.75 %.

Employee: 7.25 %.

 

Number of hours

Legal definition of full time work (per week): 48 hours

Retirement age: 57 for women and 62 for men.

 

Unions

Average rate of union membership:10 %.

Unions: There are 257 trade unions gathered in 48 federations and 7 confederations.


Useful links

For further informations on the labour market, check out the following web sites:

- International Labour Organization (ILO): studies, statistics and reports on working conditions and labour markets

- NATLEX : ILO database on national labour laws

- Consejo Nacional de la Empresa Privada (CONEP)


Last modified in January 2006
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