National minimum wage in detail
The minimum wage is set by presidential decree. The Government has been consistently increasing the minimum wage over the past years (five times throughout years 2019 and 2020). The minimum wage must be paid through basic salary, therefore bonuses and other variable payments are not taken into account in determining the minimum wage.
Recently the Government raised the minimum wage by 60%, effective from 1 May 2020. Therefore, from May 2020 onwards the monthly salary is VES 400,000 (almost EUR 2.00 at the current official exchange rate).
For young apprentices the monthly minimum wage was set from 1 May 2020 as VES 300,000 (less than EUR 1.50 at the current official exchange rate).
Author: D'Empaire Abogados
Date: May 2020
Note: For specific advice on any particular issue, please consult the relevant firm. The law is stated as at March 2019.