Discover global hiring strategies from leading recruitment platforms

Learn more

Speed up your global expansion! Expand smartly in 150+ countries with the #1 rated EOR globally.

Explore Multiplier EOR

Book a demo

loading-animtion.gif

Expand your global workforce in Venezuela

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

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

Top local universities in Venezuela

Uni1 27

Universidad Central de Venezuela (Central University of Venezuela)

RANKING

Local: 1

World : 1677

Uni2 23

Universidad de Los Andes (University of the Andes)

RANKING

Local: 2

World : 1686

Uni3 21

Universidad Católica Andres Bello (Andres Bello Catholic University)

RANKING

Local: 3

World : 1756

Uni4 22

Universidad Simón Bolívar (Simón Bolívar University, Venezuela)

RANKING

Local: 4

World : 2322

Uni5 21

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

RANKING

Local: 5

World : 3910

Top Local Job Boards:

Jobfinder, Jobisland, LinkedIn

Number of LinkedIn users:

4,328,000

Top Recruitment Agencies:

TalentPlace, Alcor

Where to find talent

Top Local Job Boards:

Number of LinkedIn users:

Top Recruitment Agencies:

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

 

Employ in Venezuela

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 job 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
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

Employee Leaves

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 in Venezuela

Tw Payroll Img1

Payroll cycle

The payroll cycle in Venezuela is Monthly.

Tw Payroll Img2

Minimum wage

The minimum wage in Venezuela is 130 VES per month.

Tw Payroll Img3

Overtime pay

In Venezuela, overtime pay is 50% of the regular salary for working over 10 hours a day.

How taxes work

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%.

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

Employee offboarding

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.

Tw Visa Img

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.

Expand into
150+ countries

Expand globally and hire talent in 150+ countries without having to set up an entity. Use Multiplier's Employer of Record to manage the complete employee experience while having the flexibility to enter new markets.

Expand into150+ countries