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Speed up your global expansion! Expand smartly in 150+ countries with the #1 rated EOR globally.
Explore Multiplier EOR
Your guide to the employment landscape, working customs and local labor laws in Venezuela.
Capital
Caracas
Currency
Bolívar (VES)
Languages
Spanish
GDP per Capita
$1,877.25
Employer Tax
15.7% to 27%
Payroll Frequency
Monthly
Venezuela is a country located in South America on the northern coast. The country’s economic freedom score is 24.8 making it the 176th freest country in the 2022 list. Venezuela has seen an improvement in its GDP since 2021.
Major economic hubs:
Caracas, Maracaibo, Barquisimeto, Valencia, Maracay
Skills in demand:
Local: 1
World : 1677
Local: 2
World : 1686
Local: 3
World : 1756
Local: 4
World : 2322
Local: 5
World : 3910
The average monthly salary of some jobs available in Venezuela is as follows:
| Job Title | Average Monthly Salary (VES) | Average Monthly Salary (USD) |
| Financial Manager | 263,000 VES | 30395 USD |
| General Manager | 230,000 VES | 26581 USD |
| Business Development Manager | 203,000 VES | 23460 USD |
| Business Analyst | 172,000 VES | 19878 USD |
| Financial Analyst | 171,000 VES | 19762 USD |
| Project Manager | 144,000 VES | 16642 USD |
Employers need to know about the labor law, benefits, contributions, and allowances to hire an individual in Venezuela.
In Venezuela, the job employment contract must be in the country’s official language, i.e., Spanish.
There is no statutory law for probation periods in Venezuela. However, both parties can choose to have one on mutual agreement.
| Date | Name | Type |
| 1 Jan | New Year’s Day | National holiday |
| 6 Jan | The Three Wise Men Day | Bank holiday |
| 12 Feb | Carnival / Shrove Monday | National holiday |
| 13 Feb | Carnival / Shrove Tuesday / Pancake Day | National holiday |
| 28 Mar | Maundy Thursday | National holiday, Christian |
| 29 Mar | Good Friday | National holiday, Christian |
| 19 Apr | Declaration of Independence | National holiday |
| 1 May | Labor Day / May Day | National holiday |
| 9 May | Ascension Day Holiday | Bank holiday |
| 30 May | Corpus Christi Holiday | Bank holiday |
| 13 Jun | St Anthony’s Day Holiday | Bank holiday |
| 24 Jun | Carabobo Battle | National holiday |
| 29 Jun | Saint Peter and Saint Paul Holiday | Bank holiday |
| 5 Jul | Independence Day | National holiday |
| 24 Jul | Simón Bolívar’s Birthday | National holiday |
| 15 Aug | Assumption of Mary Holiday | Bank holiday |
| 11 Sep | Our Lady of Coromoto | Bank holiday |
| 12 Oct | Day of Indigenous Resistance | National holiday |
| 26 Oct | Holiday for Dr. José Gregorio Hernández Day | Bank holiday |
| 1 Nov | All Saints Day | Bank holiday |
| 11 Dec | Holiday for Feast of the Immaculate Conception | Bank holiday |
| 24 Dec | Christmas Eve | National holiday, Christian |
| 25 Dec | Christmas Day | National holiday, Christian |
| 31 Dec | New Year’s Eve | National holiday |
| Type Of Leave | Number of Days | Mandatory |
| Annual Leaves | 15 days | Yes |
| Sick Leaves | 365 days | Yes |
| Maternity Leaves | 182 days | Yes |
Leave Compliance
Payroll cycle
The payroll cycle in Venezuela is Monthly.
Minimum wage
The minimum wage in Venezuela is 130 VES per month.
Overtime pay
In Venezuela, overtime pay is 50% of the regular salary for working over 10 hours a day.
| Type of Contributions | Contribution |
| Social Security Contribution | 9% to 11% |
| Employment Benefit Regime Contribution | 2% |
| Housing Regime Contribution | 2% |
| Employee Training Contribution (INCES) | 2% |
| Workplace Prevention, Conditions and Environment Contribution (LOPCYMAT) | 0.75% to 10% |
| Type of Contributions | Contribution |
| Social Security Contribution | 4% |
| Employment Benefit Regime Contribution | 0.5% |
| Housing Regime Contribution | 1% |
| Employee Training Contribution (INCES) | 0.5% |
| Annual Taxable Income | Tax Rate | Deductions |
| Up to 1,000 TU | 6% | 0 TU |
| From 1,000 to 1,500 TU | 9% | 30 TU |
| From 1,500 to 2,000 TU | 12% | 75 TU |
| From 2,000 to 2,500 TU | 16% | 155 TU |
| From 2,500 to 3,000 TU | 20% | 255 TU |
| From 3,000 to 4,000 TU | 24% | 375 TU |
| From 4,000 to 6,000 TU | 29% | 575 TU |
| Above 6,000 TU | 34% | 875 TU |
*Note: Tax Unit (TU) is the unit value that is used in Venezuela. According to the Income Tax Law, from 2022, the value of TU is VES 0.40
In Venezuela, the standard VAT rate is 16%.
In Venezuela, the 13th month is mandatory, and it has to be paid by the end of the year.
There are no fixed laws for the termination of employment contracts in Venezuela. So both parties can terminate based on a collective agreement.
In Venezuela, there is no statutory law for the notice period. However, the employer can choose to provide it in the contract.
There is no law for severance pay in Venezuela. Based on collective bargaining, both parties can choose the severance pay.
In order to work in Venezuela, an individual must require a Work permit. The employer must apply to the Venezuelan Ministry of Labor for a work permit on behalf of the employee. Additionally, the work permit has to be authorized by the Ministry of the Interior and Justice.
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Venezuela
