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Legal Summary 11/2020

Legal Summary 11/2020

Decree number 11 whereby the minimum wage and social protection is raised.

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Decree number 11 whereby the minimum wage and social protection is raised

April 30, 2020

In Official Gazette of the Bolivarian Republic of Venezuela number 6.532 Extraordinary dated April 27 of 2020, Decree number 11 was published in the frame of the State of Economic Emergency, whereby the minimum wage and social protection is raised as of May 1, 2020 as follows: 

  • Minimum monthly wage is set nationwide in FOUR HUNDRED THOUSAND BOLIVARS AND ZERO CENTS (Bs. 400,000.00).
  • The amount of the monthly Socialist Food stamps is set in FOUR HUNDRED THOUSAND BOLIVARS AND ZERO CENTS (Bs. 400.000,00), without prejudice to the provisions contained in Article 7 of the Decree with Rank, Value and Force of Law of the Socialist Food stamps Program for Workers.
  • Pensions for retired workers in general, for Public Administration pension holders and the pensions granted by the Venezuelan Social Security Institute (IVSS), are equivalent to minimum wage.
  • An additional unearned income benefit is established in favor of retired workers and pension holders in THREE HUNDRED THOUSAND BOLIVARS AND ZERO CENTS (Bs. 300,000.00), to be paid on a monthly basis through the government controlled platform “Patria”.
  • Monthly salary for underaged apprentices nationwide is set in THREE HUNDRED THOUSAND BOLIVARS AND ZERO CENTS (Bs. 300,000.00).
  • The minimum wage as established in this Decree may not be paid in kind.

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© 2020 Ostos, Velázquez & Asociados, RIF: J-00256910-7. KPMG Escritorio Jurídico, RIF: J-30435724-9, sociedad civil venezolana de personas y miembro de la organización global de firmas miembro independientes de KPMG, afiliadas a KPMG International Limited, una compañía inglesa limitada por garantía. Todos los derechos reservados.

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