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Venezuela: Venezuela Announces New Minimum Wage And Meal Benefit Increases

On January 9, 2017, Venezuela’s President Nicolás Maduro announced a 50% increase in the monthly minimum wage for the private and public sectors, effective January 1, 2017.

Minimum Wage Increase

The new minimum wage has been set at 40,638.15 Venezuelan bolivars (VEF 40,638.15) per month and 1,354.60 bolivars (VEF 1,354.60) per day.

Cash Payment

The minimum wage must be paid in cash.  No other type of payment can be counted as part of the salary.

Fixed Amount for Mixed Salary

The fixed amount for an employee who receives a mixed salary1 cannot be less than the new minimum wage.  For example, if an employee receives a fixed salary, plus a variable salary or a fluctuating salary, this amount must not be lower than VEF 40,638.15 per month.

Minimum Amount for Pensions

The new minimum wage will also apply to pensions paid by the Venezuelan public administration and the Venezuelan Social Security Institute (“Instituto Venezolano de los Seguros Sociales” or IVSS).

Part-Time Work

An equivalent fraction for time worked will be paid pursuant to Article 172 of the Venezuelan Labor Law (known by “LOTTT,” the labor code’s acronym in Spanish).

Continue reading here.
Source: Mondaq

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