Social security contributions in detail

The employee’s contribution to social security is 4% of monthly salary up to the equivalent of 4% of five times the minimum wage (VES 2,000,000). The employer pays contributions ranging from 9 to 11% of the employee’s monthly salary, depending on the company’s level of risk, as determined by the Venezuelan Social Security Institute.

An additional contribution for unemployment or layoff contingency must be paid to the Venezuelan Social Security Institute.  The employee’s contribution to this is 0.5% of monthly salary up to the equivalent of 0.5% of ten times the minimum wage (VES 4,000,000). The employer pays a contribution of 2% of the employee’s monthly salary.

Hide note

Author: D'Empaire Abogados  

Date: May 2020

Note: All currency conversions into EUR were made on 1 February 2019, using a mid-market rate.