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Eligibility Specialist Average Salary in Panama 2020

How much money does an Eligibility Specialist make in Panama?


Average Monthly Salary
2,110 PAB
( 25,300 PAB yearly)

LOW
970
PAB
AVERAGE
2,110
PAB
HIGH
3,350
PAB

A person working as an Eligibility Specialist in Panama typically earns around 2,110 PAB per month. Salaries range from 970 PAB (lowest) to 3,350 PAB (highest).

This is the average monthly salary including housing, transport, and other benefits. Eligibility Specialist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Eligibility Specialist Salary Distribution in Panama

Median and salary distribution monthly Panama Eligibility Specialist
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The median, the maximum, the minimum, and the range

  • Salary Range

    Eligibility Specialist salaries in Panama range from 970 PAB per month (minimum salary) to 3,350 PAB per month (maximum salary).

  • Median Salary

    The median salary is 2,270 PAB per month, which means that half (50%) of people working as Eligibility Specialist(s) are earning less than 2,270 PAB while the other half are earning more than 2,270 PAB. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Eligibility Specialist(s) are earning less than 1,460 PAB while 75% of them are earning more than 1,460 PAB. Also from the diagram, 75% of Eligibility Specialist(s) are earning less than 3,040 PAB while 25% are earning more than 3,040 PAB.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Eligibility Specialist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Panama Eligibility Specialist
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Eligibility Specialist salaries by experience level and this is what we found.

An Eligibility Specialist with less than two years of experience makes approximately 1,100 PAB per month.

While someone with an experience level between two and five years is expected to earn 1,470 PAB per month, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,170 PAB per month, 48% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Eligibility Specialist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 2,650 PAB per month, 22% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 2,880 PAB per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 3,120 PAB per month, 8% more than people with fifteen to twenty years of experience.


Eligibility Specialist average salary change by experience in Panama

0 - 2 Years
1,100 PAB
2 - 5 Years+34%
1,470 PAB
5 - 10 Years+48%
2,170 PAB
10 - 15 Years+22%
2,650 PAB
15 - 20 Years+9%
2,880 PAB
20+ Years+8%
3,120 PAB
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Eligibility Specialist Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Eligibility Specialist(s) who have the same experience but different education levels.

Salary comparison by education level monthly Panama Eligibility Specialist
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Eligibility Specialist salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of an Eligibility Specialist is 1,280 PAB per month.

While someone with a Master's Degree gets a salary of 2,470 PAB per month, 93% more than someone having a Bachelor's Degree degree.


Eligibility Specialist average salary difference by education level in Panama

Bachelor's Degree
1,280 PAB
Master's Degree+93%
2,470 PAB
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Panama costs anywhere from 10,600 Balboa(s) to 31,800 Balboa(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Eligibility Specialist Salary Comparison By Gender

Salary comparison by gender monthly Panama Eligibility Specialist
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Eligibility Specialist employees in Panama earn 12% more than their female counterparts on average.

Male
2,230 PAB
Female-11%
1,980 PAB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Panama for all Careers

Salary comparison by gender monthly Panama
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Eligibility Specialist Average Annual Salary Increment Percentage in Panama

How much are annual salary increments in Panama for Eligibility Specialist(s)? How often do employees get salary raises?

Eligibility Specialist

Eligibility Specialist(s) in Panama are likely to observe a salary increase of approximately 10% every 19 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Panama Eligibility Specialist
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Panama / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Panama is 4%.

Annual Increment Rate By Industry 2019

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Panama for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Eligibility Specialist Bonus and Incentive Rates in Panama

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Panama Eligibility Specialist
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An Eligibility Specialist is considered to be a low bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

68% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 32% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
32%
No Bonus
68%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Eligibility Specialist Average Hourly Wage in Panama


12 PAB per hour

The average hourly wage (pay per hour) in Panama is 12 PAB. This means that the average Eligibility Specialist in Panama earns approximately 12 PAB for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Eligibility Specialist VS Other Jobs

Salary Comparison Between Eligibility Specialist and Insurance monthly Panama
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The average salary for Eligibility Specialist is 1% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst2,890 PAB+37%
Actuarial Assistant1,970 PAB-6%
Actuary2,890 PAB+37%
Adjustment Insurance Clerk750 PAB-64%
Assistant Broker1,340 PAB-36%
Assistant Claims Manager2,300 PAB+9%
Associate Insurance Representative1,100 PAB-48%
Auditing Insurance Manager3,210 PAB+52%
Broker2,130 PAB+1%
Claim Advocacy Professional2,190 PAB+4%
Claims Adjuster780 PAB-63%
Claims Analyst1,050 PAB-50%
Claims Examiner1,130 PAB-46%
Claims Manager2,960 PAB+41%
Claims Processor750 PAB-64%
Claims Representative920 PAB-56%
Claims Resolution Specialist2,280 PAB+8%
Claims Supervisor2,150 PAB+2%
Complaints Specialist1,950 PAB-7%
Compliance Officer1,710 PAB-19%
Consultant1,980 PAB-6%
Eligibility Specialist2,110 PAB+0%
Insurance Account Manager2,430 PAB+15%
Insurance Accounts Executive2,140 PAB+2%
Insurance Agent1,220 PAB-42%
Insurance Analyst1,990 PAB-5%
Insurance Appraiser2,160 PAB+3%
Insurance Claims Clerk780 PAB-63%
Insurance Examiner1,850 PAB-12%
Insurance Investigator2,030 PAB-4%
Insurance Manager3,530 PAB+68%
Insurance Operations Manager3,710 PAB+76%
Insurance Policy Processing Clerk780 PAB-63%
Insurance Pricing Assistant1,710 PAB-19%
Insurance Program Manager2,680 PAB+27%
Insurance Project Manager2,530 PAB+20%
Insurance Quality Assurance Agent1,810 PAB-14%
Insurance Sales Agent1,200 PAB-43%
Insurance Sales Director3,420 PAB+62%
Insurance Team Leader2,190 PAB+4%
Insurance Underwriter1,620 PAB-23%
Loss Control Specialist2,050 PAB-3%
Loss Prevention Investigator2,130 PAB+1%
Loss Prevention Manager2,890 PAB+37%
Loss Prevention Specialist2,260 PAB+7%
Marine Underwriter1,610 PAB-24%
Medical Auditor2,090 PAB-1%
Monitoring and Performance Officer1,510 PAB-28%
Payment Services Specialist2,060 PAB-2%
Policy Change Director3,390 PAB+61%
Policy Change Supervisor2,260 PAB+7%
Policy Change Technician980 PAB-53%
Risk Analyst2,340 PAB+11%
Risk Management Director3,930 PAB+87%
Risk Management Supervisor2,710 PAB+29%
Risk Manager3,910 PAB+86%
Risk Modeling Manager3,780 PAB+80%
Title Insurance Typist1,800 PAB-14%
Training Manager2,330 PAB+11%

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Panama earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
2,060 PAB
Public Sector+5%
2,170 PAB
Percentage increase and decrease are relative to the previous value

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