Venezuela increases minimum wage from May 2011

Rate this item
(0 votes)

Hugo Chavez, the Venezuelan President, annouced an increase in the minimum wage of 26.5%.  Food ticket benefits will now also apply to formal workers.

The minimum wage will increase from Bs 1224 to Bs 1407 on the 1st of May 2011, and then to Bs 1548 by September, meaning an increase of 15% and then 10%, with the second increase being a compounded increase.

Venezuela uses the minimum wage as a base for calculating other salaries, so that an administrative worker may be paid, for example, 2 times the minimum wage for a month.  In December last year the Salaries, Pensions and Retirement of Senior Officials of Public Power Law was passed, setting a maximum wage for any public worker (including the President) of 12 times the minimum wage.

 

APS Global can provide payroll services in Venezuela.  Please contact us for more information.

Last modified on Sunday, 15 May 2011 22:05
Read 511 times | Like this? Tweet it to your followers!
Published in Payroll and HR news
Tagged under
Social sharing

Adam Armstrong

Latest from Adam Armstrong

Related items (by tag)

More in this category: « Kenya's minimum wage increases for the second year running Minimum Wage increase for Alberta, Canada »

Leave a comment

Make sure you enter the (*) required information where indicated.
Basic HTML code is allowed.

back to top