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Venezuela: The legal minimum wage has been increased by 500%

The Venezuelan President, Nicolas Maduro announced that the legal minimum wage will be increased from 3 million bolivars per month (approximately $12USD) to 180 million bolivars (approximately $724USD).

Venezuela requires work permit holders to have a salary of at least three to four times the legal minimum wage. Following the legal minimum salary increase the Venezuelan Labour Bureau is currently accepting work permit salaries of 250 million bolivars (approximately $1005USD). This is likely to change in the near future, therefore employers are recommended to provide foreign national worker salaries of 500 million bolivars.

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If you have any questions, feel free to contact our Immigration team at immigration@sterling.com or call +44(0)20 8836 3359.

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