On 30 April 2017, the Venezuelan government announced a 60% increase in the country's minimum monthly salary from VEF 40,638.15 to VEF 65,021.04 to be effective 1 May 2017. This follows several increases in recent years, including a 50% increase in January 2017, and is the result of major inflation problems in the country and mounting protests in recent weeks.
The minimum salary is used in determining the basis cap for social security contributions, unemployment insurance, and other benefits…