On 2 July 2017, the Venezuelan government announced a further 50% increase in the country's minimum monthly salary from VEF 65,021 to VEF 97,531. This follows several increases in recent years, including two other increases just in 2017. The increase is the result of major inflation problems in the country, and although increased by 50%, the minimum wage is actually effectively down 17% based on the USD exchange rate.
The minimum salary is used in determining the basis cap for social securi…