Used to work in Nicaragua for a US company with a local office. We were definitely being paid a lot less than our peers working directly in the US locations, at the same time we were being paid what was at the moment a lot more than the standard for other devs in the country.
There would have been no incentive for that company to open an office in Nicaragua if they would have had to pay similar salaries than what they were paying in USA, i mean, we have a lot more employee benefits and protections. Of course i would have loved to get more money out of it, and i feel we were delivering equal value than our peers, but if i think about it, the economics wouldn't have made sense.