Venezuela Publishes Decree Including Two Increases to the Minimum Monthly Salary

On 8 May 2015, Venezuela published in the Official Gazette a decree increasing the country's minimum monthly salary to VEF 6,746.98 from 1 May 2015 and to VEF 7,421.68 from 1 July 2015. The minimum salary is used in determining the basis cap for social security contributions, unemployment insurance, and other benefits.

For employer social security contributions, the rates are 9%, 10% or 11% based on the risk qualification of the company with a basis cap of 5 minimum monthly salaries. For emp…