On 6 February 2015, Venezuela published in the Official Gazette the decree setting the country's minimum monthly salary, which is increased to VEF 5,622 with effect from 1 February 2015. 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 company with a basis cap of 5 minimum monthly salaries. For e…