On 25 April 2019, Venezuela published in the Official Gazette a presidential decree for an increase in the minimum monthly salary from VES 18,000 to VES 40,000 with effect from 16 April 2019. The increase impacts the basis cap for social security contributions, unemployment insurance, and other benefits.
Note – Venezuela revalued its currency in August 2018 with the introduction of the Bolívar Soberano (VES), which is equal to 100,000 times the prior currency, the Bolívar Fuerte (VEF).