I am living in Panama part time. I recently jumpseated to PTY and had chance to visit with a new hire into the left seat at Copa. He was retired from a US major so was pretty high on experience. He seemed to like it although it was more of a hobby for a couple of years as he was already bored staying at home.
I believe he said pay for him was around 6000 US per month.
Panama is anything but cheap anymore, I find the cost of living comparable to USA.