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Talent Wiki - Venezuela

Your quick guide on talent and labor compliance norms in Venezuela

Capital

Caracas

Currency

Bolívar (VES)

Languages

Spanish

Payroll Frequency

Monthly

GDP per Capita

$3,459.15

Employer Tax

15.7% to 27%

Talent Overview

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:

IT Professionals, Engineers, Software Developers

Local Universities

The table below mentions the top local universities of Vietnam with world rank:

Universidad Central de Venezuela (Central University of Venezuela)

RANKING

Local: 1

World : 1677

Universidad de Los Andes (University of the Andes)

RANKING

Local: 2

World : 1686

Universidad Católica Andres Bello (Andres Bello Catholic University)

RANKING

Local: 3

World : 1756

Universidad Simón Bolívar (Simón Bolívar University, Venezuela)

RANKING

Local: 4

World : 2322

Universidad Dr. Rafael Belloso Chacín (Rafael Belloso Chacín University)

RANKING

Local: 5

World : 3910

Salary Data

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

 

Talent Sourcing Tips

Top Local Job Boards:

Jobfinder, Jobisland, LinkedIn

Number of LinkedIn users:

4,328,000

Top Recruitment Agencies:

TalentPlace, Alcor

Employing in Venezuela

Employers need to know about the labor law, benefits, contributions, and allowances to hire an individual in Venezuela.

Employee Contract:

In Venezuela, the employment contract must be in the country’s official language, i.e., Spanish.

Probation Period

There is no statutory law for probation periods in Venezuela. However, both parties can choose to have one on mutual agreement.

Public and Provincial Holidays

Date Name Type
1 Jan New Year’s Day National holiday
6 Jan The Three Wise Men Day Bank holiday
9 Jan Three Kings Day Holiday Bank holiday
20 Feb Carnival / Shrove Monday National holiday
21 Feb Carnival / Shrove Tuesday / Pancake Day National holiday
6 Apr Maundy Thursday National holiday, Christian
7 Apr Good Friday National holiday, Christian
19 Apr Declaration of Independence National holiday
1 May Labor Day / May Day National holiday
22 May Ascension Day Holiday Bank holiday
12 Jun Corpus Christi Holiday Bank holiday
19 Jun St Anthony’s Day Holiday Bank holiday
24 Jun Carabobo Battle National holiday
3 Jul Saint Peter and Saint Paul Holiday Bank holiday
5 Jul Independence Day National holiday
24 Jul Simón Bolívar’s Birthday National holiday
14 Aug Assumption of Mary Holiday Bank holiday
11 Sep Our Lady of Coromoto Bank holiday
12 Oct Day of Indigenous Resistance National holiday
30 Oct Holiday for Dr. José Gregorio Hernández Day Bank holiday
6 Nov All Saints Day Holiday 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

Employee Leaves

Type Of Leave Number of Days Mandatory
Annual Leaves 15 days Yes
Sick Leaves 365 days Yes
Maternity Leaves 182 days Yes

Payroll

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.

Bonus

13th Month Pay:

In Venezuela, the 13th month is mandatory, and it has to be paid by the end of the year.

Employee Benefits:

  • Paid Leaves
  • Maternity Leaves
  • Health Insurance
  • Accidental Insurance

Taxes

Employer Payroll Tax:

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%

Employee Payroll Tax:

Type of Contributions Contribution
Social Security Contribution 4%
Employment Benefit Regime Contribution 0.5%
Housing Regime Contribution 1%
Employee Training Contribution (INCES) 0.5%

Employee Income Tax:

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

VAT:

In Venezuela, the standard VAT rate is 16%.

Offboarding & Termination

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.

Visa and Immigration

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.

Streamline payroll and compliance for your international workforce

Payroll

Minimum Wage

Overtime Pay

Visa & Immigration