The Venezuelan government has increased the country's minimum monthly salary from VEF 15,051.15 to VEF 22,576.73 effective 1 September 2016. This is the third increase so far in 2016, and is the result of major inflation problems in the country.
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 com…