Minimum Wages in Venezuela increased to 250000 VEF/Month on Januaryr 1st 2020 from 150000 VEF/Month in October, according with the decree published in the Official Gazette. It is the first hike this year.

Minimum Wages in Venezuela averaged 109178051.92 VEF/Month from 1989 until 2019, reaching an all time high of 4000000000 VEF/Month in April of 2019 and a record low of 4 VEF/Month in January of 1989. This page provides - Venezuela Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela Minimum Monthly Wages - values, historical data and charts - was last updated on June of 2020. source: Venezuela Central Bank

Minimum Wages in Venezuela is expected to be 250000.00 VEF/Month by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Minimum Wages in Venezuela to stand at 550000.00 in 12 months time. In the long-term, the Venezuela Minimum Monthly Wages is projected to trend around 950000.00 VEF/Month in 2021 and 1150000.00 VEF/Month in 2022, according to our econometric models.

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Venezuela Minimum Monthly Wages

Actual Previous Highest Lowest Dates Unit Frequency
250000.00 150000.00 5196000.00 4.00 1989 - 2020 VEF/Month Monthly

Venezuela Labour Last Previous Highest Lowest Unit
Unemployment Rate 6.40 7.30 20.70 5.50 percent [+]
Employed Persons 15011108.00 14715518.00 15011108.00 8505814.00 [+]
Unemployed Persons 1018421.00 1166087.00 2406251.00 760063.00 [+]
Minimum Wages 250000.00 150000.00 5196000.00 4.00 VEF/Month [+]
Population 32.22 31.83 32.22 7.58 Million [+]
Employment Rate 93.65 92.66 94.47 79.30 percent [+]

Venezuela Minimum Monthly Wages
In Venezuela, minimum wage refers to the lowest gross wage per month. There is also a minimum wage set for apprentices and pensioners. A Christmas bonus - Aguinaldo -(from 15 days to 4 months' pay) and a vacation bonus are compulsory for all employees.