Venezuela Introduces New Special Contribution to Protect Social Security Pensions

Venezuela reportedly published the Law for the Protection of Social Security Pensions in the Official Gazette on 8 May 2024. The Law provides for the introduction of a new special contribution that applies at rates of up to 15% on total salary and non-salary bonuses paid to employees by all companies carrying out economic activities in Venezuela, whether domiciled or not in the country. The applicable contribution rates are set by the National Executive Branch according to the relevant econom…