--- title: "Panama" id: "11943" type: "global-payroll" slug: "panama" published_at: "2025-08-05T13:18:41+00:00" modified_at: "2026-09-29T21:17:28+00:00" url: "https://topsourceworldwide.com/global-payroll/panama/" markdown_url: "https://topsourceworldwide.com/global-payroll/panama.md" taxonomy_continent: - "North America" --- # Payroll Services in Panama Fully managed Panamanian payroll – CSS contributions at the 2025 reform rates, the 13th month paid in April, August and December, and the severance fund funded every quarter, with a named specialist a phone call away. [Get in touch](https://topsourceworldwide.com/contact-us/) TopSource rated 5/5 by our customers - - - - - [Read reviews](#testimonials) ## What Panamanian payroll actually involves Panamanian payroll pays a 13th month in three instalments, funds severance in advance and sends contributions, educational insurance and income tax to the Social Security Fund (CSS) in a single monthly payroll. The 2025 reform raised the employer contribution, with two more increases scheduled. ### 13.25% now, 15.25% by 2029 Law 462 of 2025 raised the employer CSS contribution from 12.25% to 13.25%, and it rises to 14.25% in March 2027 and 15.25% in March 2029. The employee rate stays at 9.75%. ### A 13th month in three parts The 13th month is a twelfth of the salary earned, paid by 15 April, 15 August and 15 December, with its own CSS rates of 10.75% for the employer and 7.25% for the employee. ### Severance funded every quarter Employers pay the seniority premium and 5% of the dismissal indemnity into a trust fund every quarter, about 2.25% of salary. ### One monthly payment to the CSS Contributions, educational insurance and the income tax withheld from salaries all go to the CSS together, by the last business day of the following month. ### An hourly minimum wage The minimum wage for 2026 and 2027 is set per hour by activity, company size and region, from USD 1.64 to USD 5.01, with USD 3.58 for financial services. ## Our Partners Globally ## Calculate Your Employee Costs in Panama Enter a gross annual salary, meaning twelve monthly salaries, to see the employer cost of a Panamanian employee: 13.25% CSS, 1.5% educational insurance, a professional risk premium of about 1% for office work, the 13th month with its CSS contribution, and the 2.25% severance fund. The balboa trades at par with the US dollar. ##### Employment Cost Calculator *Indicative figures only and not definitive legal advice. Local regulations change frequently. [Consult an expert](/contact-us/) ##### Panama Annually Monthly | | British Pound | Panama | | --- | --- | --- | | Base Salary (per month) | | | | Employer Contributions | | | | Total Cost (Annual) | | | | Total Cost (Monthly) | | | Employer of Record services in [Learn more](#) Payroll Outsourcing in [Learn more](#) ## Know your Panamanian hiring costs before you commit Tell us the role, the activity and the salary – we’ll send back the full Panamanian employer cost, CSS, 13th month and severance fund included, within one business day. [Get a Custom Payroll Quote](https://topsourceworldwide.com/contact-us/) > “Their expertise and understanding of the unique hiring, payment, and human resource practices in each country has been nothing short of outstanding. Our Client Success Manager, has done just that … ensured our success. Her availability and willingness to engage on a personal level has made all the difference.” Director of Research Operations, > “Excellent service, especially from our account manager who has gone above and beyond to help us use the platform effectively. Our manager, significantly simplifies my workload. It is like having your own TopSource HR representative on your team.” Chief Human Resources Officer, > “TopSource has been our go-to resource for international hiring. They are responsive, thorough, respectful and knowledgeable. The Client Success team has provided us with the utmost customer service, and the more we use TopSource, the more, it gives us access to more resources and knowledge.” Senior Manager, Human Resources , ## Employer Costs in Panama Explained A Panamanian employee costs about 27% on top of twelve monthly salaries in 2026, and the share does not fall as salaries rise because no contribution has a ceiling. The CSS contribution of 13.25% is the largest item, followed by the 13th month at 8.3% and its own CSS contribution. Educational insurance, the professional risk premium and the quarterly severance fund add about 4.75%. The scheduled CSS increases add a point in March 2027 and another in March 2029. Here’s the breakdown. #### CSS contributions after the 2025 reform The Social Security Fund (CSS) charges 9.75% to the employee and, since 1 April 2025, 13.25% to the employer on all salary, with no ceiling. Law 462 of March 2025 raised the employer rate by one point and scheduled two more: 14.25% from 1 March 2027 and 15.25% from 1 March 2029. The employee rate did not change, and the reform kept retirement ages at 57 for women and 62 for men. Educational insurance adds 1.5% from the employer and 1.25% from the employee, also without a ceiling. Employers pay a professional risk premium set by activity, from about 1% for office work to 5.67% for the most dangerous activities. The employer withholds the employee’s contributions, educational insurance and income tax and pays everything to the CSS with its own share by the last business day of the following month. #### The 13th month Every employee earns a 13th month equal to a twelfth of the salary received, paid in three instalments by 15 April, 15 August and 15 December, each covering four months. The instalments carry special CSS rates: 10.75% from the employer and 7.25% from the employee, with no educational insurance. They are declared on the CSS payrolls for April, August and December. On termination, the proportional 13th month for the current period is paid with the final settlement, alongside unused vacation and the seniority premium. #### What a Panamanian employee actually costs For an employee on USD 2,000 a month in an office business, the employer pays USD 265 of CSS, USD 50 of educational insurance and risk premium, USD 184.58 a month for the 13th month and its CSS contribution, and USD 45 into the severance fund: USD 2,544.58 a month, 27.2% on top of the salary. With the CSS increases the same salary costs USD 2,564.58 a month from March 2027 and USD 2,584.58 from March 2029. The severance fund, or fondo de cesantía, is a trust that employers of indefinite-term staff pay into every quarter: the seniority premium of one week’s pay per year plus 5% of the monthly share of the dismissal indemnity, about 2.25% of salary in total. It pays the seniority premium, and the indemnity when the dismissal is unjustified or the resignation justified. #### Income tax, minimum wage and deadlines Employment income is taxed at 0% up to USD 11,000 a year, 15% on income between USD 11,000 and 50,000 and 25% above that. The employer withholds the tax from each salary and pays it through the CSS payroll with the contributions, by the last business day of the following month. The minimum wages for 2026 and 2027 were set by Executive Decree 13 of 31 December 2025, in force since 16 January 2026. They are hourly rates by activity, company size and region: USD 3.58 for financial and insurance activities, USD 3.16 for information and communication, USD 3.02 for professional services and wholesale trade in Region 1, and from USD 1.64 in small farms to USD 5.01 for international flight crews. Region 1 covers Panama City, Colón, San Miguelito, David, Santiago and other main districts. #### Working time, leave and termination The day shift is up to 8 hours a day and 48 a week, the night shift 7 and 42, and mixed shifts 7.5 and 45. Overtime carries a 25% premium in the day, 50% at night and 75% when it extends a night shift, with no more than 3 hours a day or 9 a week. Employees earn 30 days of paid vacation for every 11 months of work and 144 hours of paid sick leave a year, which accumulate for two years. Maternity leave is 14 weeks, 6 before and 8 after birth, and fathers receive 3 working days of paternity leave. A probation period of up to three months is valid only if written into the contract. An employer must notify a dismissal in writing with its date and cause. On the end of any indefinite contract, the employee receives the seniority premium of one week’s pay per year; an unjustified dismissal adds an indemnity of 3.4 weeks’ pay per year for the first ten years and one week per year after that. Employees who resign give 15 days’ notice, or two months for technical staff. At least 90% of ordinary staff must be Panamanian, and foreign specialists, up to 15%, need Ministry of Labour authorisation. ## Panamanian employer contributions and payroll costs, 2026 | Contribution | Employer | Employee | Applies to | | --- | --- | --- | --- | | CSS social security | 13.25% | 9.75% | All salary, no ceiling; 14.25% from March 2027 | | Educational insurance | 1.5% | 1.25% | All salary, no ceiling | | Professional risk premium | About 1% to 5.67% | — | Rate set by activity | | CSS on the 13th month | 10.75% | 7.25% | Each 13th month instalment | | 13th month | A twelfth of salary | — | Paid by 15 April, 15 August and 15 December | | Severance fund (fondo de cesantía) | About 2.25% | — | Quarterly, into a trust | | Income tax (ISR) | — | 15% / 25% | 15% above USD 11,000 a year, 25% above USD 50,000 | ### Panamanian payroll deadlines and statutory entitlements, 2026 | Item | Rule | Timing | | --- | --- | --- | | CSS payroll | Contributions, educational insurance and income tax withheld | By the last business day of the following month | | 13th month | A twelfth of salary in three instalments | 15 April, 15 August, 15 December | | Severance fund | Seniority premium plus 5% of the indemnity share | Every quarter | | Vacation | 30 days of paid leave | For every 11 months of work | | Seniority premium | One week’s pay per year of service | At the end of any indefinite contract | | Unjustified dismissal | 3.4 weeks’ pay per year, one week after year ten | On top of the seniority premium | | Sick leave | 144 hours a year on full pay | Accumulates for two years | | Minimum wage | USD 1.64 to 5.01 an hour | In force since 16 January 2026 | ### Employer cost of a USD 2,000 monthly salary in Panama, 2026 to 2029 | Period | CSS | Educational insurance and risk | 13th month with CSS | Severance fund | Total monthly cost | On top of salary | | --- | --- | --- | --- | --- | --- | --- | | From April 2025 | USD 265 | USD 50 | USD 184.58 | USD 45 | USD 2,544.58 | 27.2% | | From March 2027 | USD 285 | USD 50 | USD 184.58 | USD 45 | USD 2,564.58 | 28.2% | | From March 2029 | USD 305 | USD 50 | USD 184.58 | USD 45 | USD 2,584.58 | 29.2% | Educational insurance at 1.5% and a professional risk premium of 1%, an approximate office rate. The 13th month is a twelfth of salary plus 10.75% employer CSS on it; the severance fund is 2.25% of salary. The same shares apply at any salary because there is no ceiling. These are TopSource calculations from the verified 2026 rates. Rates, amounts and deadlines shown are for 2026 and were verified on 29 September 2026 against the Official Gazette, CSS regulations, the Labour Code and published tax sources. The employer CSS rate rises in March 2027 and March 2029. This page is general information, not tax or legal advice. [Get a Custom Payroll Quote](https://topsourceworldwide.com/contact-us/) ## How our Panamanian payroll service works 1. Map your setup We confirm your CSS employer number and professional risk class, your severance fund trustee and the minimum wage that applies to your activity and region, then review salaries, overtime and service dates for the seniority premium. 2. Migrate or onboard New employees are registered with the CSS and added to the severance fund. Accrued 13th month, vacation balances and seniority are carried across so nothing is lost at the changeover. 3. Run and review Each period you receive a payroll report for approval before anything is paid: gross to net per employee, CSS, educational insurance, income tax withheld and 13th month accruals, with variances explained. Nothing is paid until you approve it. 4. File and pay We file and pay the CSS payroll by the last business day of the following month, pay the 13th month in April, August and December, and make the quarterly severance fund deposits. 5. Stay current The employer CSS rate rises in March 2027 and March 2029, and minimum wages are reviewed every two years. We apply each change as it takes effect and re-verify the figures on this page. ## Why Outsource Your Panama Payroll to TopSource TopSource for payroll, Employer of Record or any other of our services represents a simpler, more reliable and transparent option. We don’t hide fees or sneak price increases. We run Panamanian payroll in-house and file under your own CSS registration rather than a bureau’s, so the same team that files your CSS payroll answers your calls. You get a named account manager, one consolidated monthly invoice covering salaries, contributions, taxes and fees, and one live Portico view of Panama beside every other country we run for you. Portico syncs with your time-tracking, leave and HR systems via API – set up by our onboarding team, not left to yours. GDPR, SOC 2 and ISO 27001 certified. [Global Payroll](https://topsourceworldwide.com/global-payroll/) [Get Started](https://topsourceworldwide.com/contact-us/) ## Other services Accelerating your growth in Panama and beyond #### TopSource goes far beyond payroll, acting as your end-to-end partner in global workforce management. From Employer of Record (EOR) services and seamless entity setup to localized accountancy and fractional HR support, we cover every aspect of international employment. ### Global Employer of Record (EOR) services With our Global EOR services, you can hire talent in any country without establishing a legal entity. We handle employment contracts, payroll, benefits, and compliance on your behalf, enabling fast, risk-free global expansion. ### Actionable HR Advisory On demand access to our fractional and regional HR professionals who understand local laws, cultures, and best practices. Bespoke talent intelligence including salary, business and talent market benchmarking. ### Global entity management Our global entity management team helps you establish and maintain your corporate entities worldwide. We ensure full compliance with local laws and regulations, streamline administrative processes, and minimize risk — so you can focus on growing your business. ### Accounting We offer comprehensive accounting solutions tailored to meet your international needs. From bookkeeping and financial reporting to tax filings and audits, our services help you maintain transparency, accuracy, and compliance in every jurisdiction. ## Meet our experts for Panama Whether you’re entering the market or scaling operations, our specialists provide the insight and guidance you need to succeed in one of the world’s most dynamic and regulated employment landscapes. With TopSource, you’re backed by real experts, every step of the way. [Our People](https://topsourceworldwide.com/our-people/) ## Beyond a payroll service **A globalization accelerator** A payroll platform for your employees is just the beginning. We are constantly evaluating your entire organisation to identify compliance issues and ways to accelerate your global growth. - [Payroll platform](#) - [Audit](#) - [Intelligence](#) - [Advisory](#) ##### Payroll platform ###### Global payroll simplified Your intuitive hub for paying global teams. Simple, powerful, and designed to scale with you — no complexity, just clarity. ##### Audit ###### Eliminate barriers to growth Avoid compliance issues across your global workforce and uncover opportunities to improve profitability. On a quarterly basis we’ll help you audit your global talent strategy to ensure it aligns with your business goals. ##### Intelligence ###### Build a data-driven talent strategy Grow confidently and profitably with access to the latest TopSource insights & data on hiring markets, salary benchmarking & benefits. ##### Advisory ###### Expert guidance that turns complexity into clarity. Whether you’re managing a global acquisition or entering a new market, you get clear guidance to navigate complex decisions, avoid delays, and accelerate your global expansion. ## Panamanian payroll FAQs ### What are employer payroll contributions in Panama in 2026? Employers pay 13.25% CSS social security, 1.5% educational insurance and a professional risk premium of about 1% to 5.67% depending on the activity, all without a ceiling. Employees pay 9.75% CSS and 1.25% educational insurance. The employer CSS rate rises to 14.25% in March 2027 and 15.25% in March 2029. ### How is the 13th month calculated in Panama? The 13th month is a twelfth of the salary earned, paid in three instalments by 15 April, 15 August and 15 December, each covering four months. The instalments carry CSS of 10.75% for the employer and 7.25% for the employee, with no educational insurance. ### What changed with the 2025 CSS reform? Law 462 of March 2025 raised the employer CSS contribution from 12.25% to 13.25% from 1 April 2025, and schedules further increases to 14.25% from 1 March 2027 and 15.25% from 1 March 2029. The employee contribution stays at 9.75%, and retirement ages remain 57 for women and 62 for men. ### What is the minimum wage in Panama in 2026? Executive Decree 13 of 2025 sets hourly minimum wages for 2026 and 2027 by activity, company size and region, in force since 16 January 2026. They range from USD 1.64 to USD 5.01 an hour, with USD 3.58 for financial and insurance activities and USD 3.02 for professional services. ### What is the fondo de cesantía in Panama? It is a severance fund that employers of indefinite-term staff pay into every quarter, held in trust by an authorised private administrator. The deposit covers the seniority premium and 5% of the monthly share of the dismissal indemnity, about 2.25% of salary in total. ### How is severance calculated in Panama? Every indefinite contract ends with a seniority premium of one week’s pay per year of service, whatever the reason. An unjustified dismissal adds an indemnity of 3.4 weeks’ pay per year for the first ten years and one week per year after that, for employment that started after the 1995 Labour Code reform. ### How is income tax on salaries calculated in Panama? Employment income is taxed at 0% up to USD 11,000 a year, 15% on income between USD 11,000 and 50,000, and 25% above USD 50,000. The employer withholds the tax each pay period and pays it through the CSS payroll with the social security contributions. ### When are payroll taxes and contributions due in Panama? CSS contributions, educational insurance and the income tax withheld from salaries are paid to the CSS together by the last business day of the following month. The 13th month is due by 15 April, 15 August and 15 December, and severance fund deposits are made every quarter. ### How much annual leave do employees get in Panama? Employees earn 30 days of paid vacation for every 11 months of continuous work, paid at their monthly salary or the average of the last 11 months if higher. They also build up 144 hours of paid sick leave a year, which can be accumulated for two years. ### Can a foreign company run payroll in Panama without an entity? Registering as an employer with the CSS requires a Panamanian company or a registered branch. Without one, the usual route is an Employer of Record. TopSource can run payroll for your Panamanian entity or employ your team through our Employer of Record service. [Couldn’t find what you were looking for?](/contact-us/) ## Looking at other markets too? We help organizations employ and pay teams in 164 countries. 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Tögrög](https://topsourceworldwide.com/global-payroll/mongolia/) [Montenegro Capital: Podgorica Currency: Euro](https://topsourceworldwide.com/global-payroll/montenegro/) [Morocco Capital: Rabat Currency: Moroccan Dirham](https://topsourceworldwide.com/global-payroll/morocco/) [Mozambique Capital: Maputo Currency: Mozambique metical](https://topsourceworldwide.com/global-payroll/mozambique/) [Namibia Capital: Windhoek Currency: Namibian Dollar](https://topsourceworldwide.com/global-payroll/namibia/) [Nepal Capital: Kathmandu Currency: Rupee](https://topsourceworldwide.com/global-payroll/nepal/) [New Zealand Capital: Wellington Currency: New Zealand Dollar](https://topsourceworldwide.com/global-payroll/new-zealand/) [Nicaragua Capital: Managua Currency: Nicaraguan córdoba](https://topsourceworldwide.com/global-payroll/nicaragua/) [Nigeria Capital: Abuja Currency: Nigerian Naira](https://topsourceworldwide.com/global-payroll/nigeria/) [Norway Capital: Oslo Currency: Norwegian krone](https://topsourceworldwide.com/global-payroll/norway/) [Oman Capital: Muscat Currency: Rial](https://topsourceworldwide.com/global-payroll/oman/) [Pakistan Capital: Islamabad Currency: Pakistani Rupee](https://topsourceworldwide.com/global-payroll/pakistan/) [Panama Capital: Panama City Currency: Balboa (PAB) and United States dollar (USD)](https://topsourceworldwide.com/global-payroll/panama/) [Papua New Guinea Capital: Port Moresby Currency: Papua New Guinean Kina](https://topsourceworldwide.com/global-payroll/papua-new-guinea/) [Paraguay Capital: Asunción Currency: Paraguayan guaraní](https://topsourceworldwide.com/global-payroll/paraguay/) [Peru Capital: Lima Currency: Peruvian sol](https://topsourceworldwide.com/global-payroll/peru/) [Philippines Capital: Manila Currency: Peso](https://topsourceworldwide.com/global-payroll/philippines/) [Portugal Capital: Lisbon Currency: Euro](https://topsourceworldwide.com/global-payroll/portugal/) [Puerto Rico Capital: San Juan Currency: United States dollar](https://topsourceworldwide.com/global-payroll/puerto-rico/) [Qatar Capital: Doha Currency: Riyal](https://topsourceworldwide.com/global-payroll/qatar/) [Romania Capital: Bucharest Currency: Romanian Leu](https://topsourceworldwide.com/global-payroll/romania/) [Rwanda Capital: Kigali Currency: Rwandan franc](https://topsourceworldwide.com/global-payroll/rwanda/) [Saint Kitts & Nevis Capital: Basseterre Currency: East Caribbean dollar](https://topsourceworldwide.com/global-payroll/saint-kitts-nevis/) [Saint Lucia Capital: Castries Currency: East Caribbean dollar](https://topsourceworldwide.com/global-payroll/saint-lucia/) [Saint Maarten Capital: Philipsburg Currency: Caribbean guilder (Cg)](https://topsourceworldwide.com/global-payroll/st-maarten/) [Saint Vincent & the Grenadines Capital: Kingstown Currency: East Caribbean dollar](https://topsourceworldwide.com/global-payroll/saint-vincent-the-grenadines/) [Saipan Capital: Capitol Hill Currency: U.S. Dollar](https://topsourceworldwide.com/global-payroll/saipan/) [San Marino Capital: City of San Marino Currency: Euro](https://topsourceworldwide.com/global-payroll/san-marino/) [Saudi Arabia Capital: Riyadh Currency: Riyal](https://topsourceworldwide.com/global-payroll/saudi-arabia/) [Senegal Capital: Dakar Currency: West African CFA franc](https://topsourceworldwide.com/global-payroll/senegal/) [Serbia Capital: Belgrade Currency: Serbian dinar](https://topsourceworldwide.com/global-payroll/serbia/) [Seychelles Capital: Victoria Currency: Seychellois Rupee](https://topsourceworldwide.com/global-payroll/seychelles/) [Slovakia Capital: Bratislava Currency: Euro](https://topsourceworldwide.com/global-payroll/slovakia/) [Slovenia Capital: Ljubljana Currency: Euro](https://topsourceworldwide.com/global-payroll/slovenia/) [Solomon Island Capital: Honiara Currency: Solomon Islands Dollar](https://topsourceworldwide.com/global-payroll/solomon-island/) [South Korea Capital: Seoul Currency: Won](https://topsourceworldwide.com/global-payroll/south-korea/) [South Sudan Capital: Juba Currency: South Sudanese Pound](https://topsourceworldwide.com/global-payroll/south-sudan/) [Sri Lanka Capital: Colombo Currency: Sri Lankan Rupee](https://topsourceworldwide.com/global-payroll/sri-lanka/) [Sudan Capital: Khartoum Currency: Sudanese Pound](https://topsourceworldwide.com/global-payroll/sudan/) [Sweden Capital: Stockholm Currency: Swedish krona](https://topsourceworldwide.com/global-payroll/sweden/) [Taiwan Capital: Taipei Currency: Dollar](https://topsourceworldwide.com/global-payroll/taiwan/) [Thailand Capital: Bangkok Currency: Thai Baht](https://topsourceworldwide.com/global-payroll/thailand/) [Trinidad & Tobago Capital: Port of Spain Currency: Trinidad and Tobago dollar](https://topsourceworldwide.com/global-payroll/trinidad-tobago/) [Tunisia Capital: Tunis Currency: Tunisian Dinar](https://topsourceworldwide.com/global-payroll/tunisia/) [Uganda Capital: Kampala Currency: Ugandan Shilling](https://topsourceworldwide.com/global-payroll/uganda/) [US Virgin Island Capital: Charlotte Amalie Currency: Dollar](https://topsourceworldwide.com/global-payroll/us-virgin-island/) [Venezuela Capital: Caracas Currency: Venezuelan bolívar](https://topsourceworldwide.com/global-payroll/venezuela/) [Zambia Capital: Lusaka Currency: Zambian Kwacha](https://topsourceworldwide.com/global-payroll/zambia/) [Zimbabwe Capital: Harare Currency: Zimbabwe Gold (ZiG)](https://topsourceworldwide.com/global-payroll/zimbabwe/) Load more