Social Security Rate for Companies and Employees in Panama
Social Security Rate Data in Panama
| Indicator | Data | Period |
|---|---|---|
| Social Security Rate | 22 % | 2023 |
| Social Security Rate For Companies | 12.25 % | 2023 |
| Social Security Rate For Employees | 9.75 % | 2023 |
Latest data on Social Security Rate (%)
What is Social Security Rate in Panama?
- Social Security Rate in Panama decreased to 22 % in 2023. The maximum rate was 23.75 % and minimum was 20.75 %.
- Data published Yearly by Ministry of Labour and Social Security.
Historical Data (%) by years
Data
Period
Date
| 22 | 2023 | 05.04.2023 |
| 22.25 | 2022 | 24.10.2022 |
| 22 | 2021 | 18.08.2021 |
| 22.25 | 2020 | 05.03.2021 |
| 22.25 | 2019 | 19.05.2020 |
| 22.25 | 2018 | 14.02.2018 |
| 22.25 | 2016 | 11.08.2017 |
| 22.25 | 2015 | 31.12.2015 |
Historical Chart by presidents (%)
Social Security Rate in Panama by presidents
| Name | Period | Start Data | End Data | Max Value | Min Value | CHG% Start/End |
|---|---|---|---|---|---|---|
| Juan Varela | 01.07.2014 - | 23.7500 | 22.2500 | 23.7500 | 22.2500 | -6.32% |
| Ricardo Martinelli | 01.07.2009 - 01.07.2014 | 23.7500 | 23.7500 | 23.7500 | 22.5000 | 0.00% |
| Martín Torrijos | 01.09.2004 - 01.07.2009 | 20.7500 | 23.7500 | 23.7500 | 20.7500 | 14.46% |
Latest data on Social Security Rate For Companies (%)
What is Social Security Rate For Companies in Panama?
- Social Security Rate in Panama decreased to 12.25 % in 2023. The maximum rate was 14.5 % and minimum was 12.25 %.
- Data published Yearly by Ministry of Labour and Social Security.
Historical Data (%) by years
Data
Period
Date
| 12.25 | 2023 | 05.04.2023 |
| 12.5 | 2022 | 24.10.2022 |
| 12.25 | 2021 | 18.08.2021 |
| 12.5 | 2020 | 05.03.2021 |
| 12.5 | 2019 | 19.05.2020 |
| 12.5 | 2018 | 13.02.2018 |
| 12.5 | 2016 | 11.08.2017 |
| 12.5 | 2015 | 31.12.2015 |
Historical Chart by presidents (%)
Social Security Rate For Companies in Panama by presidents
| Name | Period | Start Data | End Data | Max Value | Min Value | CHG% Start/End |
|---|---|---|---|---|---|---|
| Juan Varela | 01.07.2014 - | 13.5000 | 12.5000 | 13.5000 | 12.5000 | -7.41% |
| Ricardo Martinelli | 01.07.2009 - 01.07.2014 | 14.5000 | 13.5000 | 14.5000 | 13.2500 | -6.90% |
| Martín Torrijos | 01.09.2004 - 01.07.2009 | 12.2500 | 14.5000 | 14.5000 | 12.2500 | 18.37% |
Latest data on Social Security Rate For Employees (%)
What is employer Social Security rate in Panama?
- Corporate Tax Rate in Panama remained unchanged at 9.75 % in 2023. The maximum rate was 10.25 % and minimum was 8.5 %.
- Data published Yearly by Ministry of Labour and Social Security.
Historical Data (%) by years
Data
Period
Date
| 9.75 | 2023 | 05.04.2023 |
| 9.75 | 2022 | 24.10.2022 |
| 9.75 | 2021 | 18.08.2021 |
| 9.75 | 2020 | 05.03.2021 |
| 9.75 | 2019 | 19.06.2019 |
| 9.75 | 2018 | 13.02.2018 |
| 9.75 | 2016 | 11.08.2017 |
| 9.75 | 2015 | 31.12.2015 |
Historical Chart by presidents (%)
Social Security Rate For Employees in Panama by presidents
| Name | Period | Start Data | End Data | Max Value | Min Value | CHG% Start/End |
|---|---|---|---|---|---|---|
| Juan Varela | 01.07.2014 - | 10.2500 | 9.7500 | 10.2500 | 9.7500 | -4.88% |
| Ricardo Martinelli | 01.07.2009 - 01.07.2014 | 9.2500 | 10.2500 | 10.2500 | 9.2500 | 10.81% |
| Martín Torrijos | 01.09.2004 - 01.07.2009 | 8.5000 | 9.2500 | 9.2500 | 8.5000 | 8.82% |
Other taxes in Panama
| Index | Updated | Actual | Previous |
| Corporate Tax Rate | 2023 | 25 % | 25 |
| Personal Income Tax Rate | 2023 | 25 % | 25 |
| Sales Tax Rate | 2023 | 7 % | 7 |
Social Security Rate in other countries
| Country | Updated | Actual | Previous |
| Colombia | 2023 | 30.5 % | 30.5 |
| Panama | 2023 | 22 % | 22.25 |
| Brazil | 2021 | 39.8 % | 39.8 |
| Chile | 2022 | 23.5 % | 23.5 |
| Paraguay | 2023 | 25.5 % | 25.5 |
| Argentina | 2023 | 37.4 % | 37.4 |
| Canada | 2021 | 14.38 % | 14.09 |
| Ecuador | 2023 | 21.6 % | 21.6 |
| Mexico | 2022 | 9.23 % | 9.23 |
| United States | 2023 | 15.3 % | 15.3 |
| Uruguay | 2023 | 35.73 % | 35.73 |
| Jamaica | 2023 | 19.75 % | 19.75 |
| Venezuela | 2023 | 23 % | 23 |
| Cameroon | 2022 | 20.4 % | 20.4 |
