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Venezuela flag Venezuela:

Setting up a company in Venezuela : Human resources management

Working Contracts
Employment contracts are regulated by law and collective agreements.

A large part of Venezuelan workers do not benefit from any work contract, they are part of the informal sector. For the rest there are three types of written contracts: a contract must be signed in three copies, one for the employee, one for the employer and one that must be submitted to the Work Administration Department: see the Ministry of Labor's website.

- permanent work contract

- fixed-term work contract

- contract for a fixed-term project, the duration of which depends on the completion of the specific project

Minimum Wage
In 2021, the minimum wage is VEF 1,200,000 per month according to the Central Bank of Venezuela.

NB: Venezuela has seen record inflation rates since 2013, which affected wages. In addition, the granting of a minimum wage is now accompanied by food stamps.

Average Wage
The average wage was between USD 0.80 and USD 8 per month in 2020, according to the Venezuelan newspaper El Nacional.
The Central Bank of Venezuela has not released any other data on the average wage since 2012.
Legal Weekly Duration
44 hours in the public sector, 48 in the private sector.
Contributions
Contributions Paid By the Employer: Between 9% and 11% of wages for the compulsory social security scheme.
Contributions Paid By the Employee: 4% of the gross wage for the complusory social security scheme.
Labour Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Latest Update: July 2022