On 31 December 2017, Venezuela published Presidential Decree No. 3.232 in the Official Gazette, which increases the minimum monthly salary by an additional 40% from VEF 177,507.44 to VEF 248,510.41. The increase is effective 1 January 2018 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 minim…