Panama Gazettes Law Amending Social Security Contribution Rates

The Panamanian Official Gazette March 18 published Law No. 462, amending social security contribution rates. The law includes measures providing: 1) employer contribution rates of 13.25 percent of salaries paid to employees, applicable until Feb. 28, 2027, with an increase to 14.25 percent, applicable from March 1, 2027, through Feb. 28, 2029, and a further increase to 15.25 percent, applicable from March 1, 2029; 2) an employee contribution rate of 9.75 percent of an employee’s salary; 3) self-employed worker contribution rates of 9.36 percent of the contributory income to cover the benefits regarding the risk of disability, old age, and ...