Venezuela has published Presidential Decree No. 3.138 of 1 November 2017 in the Official Gazette, which increases the minimum monthly salary by an additional 30% from VEF 136,544.18 to 177,507.44. The increase is effective 1 November and impacts 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 five minimum mont…