IMPACT – MEDIUM
What is the change? Venezuelan President Nicolás Maduro has announced that minimum wage rates will increase from 3,000,000 bolivars per month (about US$12) to 180,000,000 bolivars (about US$724).
What does the change mean? The announced changes equate to a 5,900 percent increase in minimum wages for all workers in Venezuela, including foreign workers.
Background: Venezuela is suffering from massive inflation (approaching 1 million percent), and the announced increase to the minimum wage will be the latest in a series of increases made by President Maduro.
BAL Analysis: Employers should factor the new minimum wages into their budgets for all employees, including foreign national employees. The change will have minimal impact on companies employing workers who already make more than 180,000,000 bolivars per month.
This alert has been provided by the BAL Global Practice group and our network provider in Venezuela. For additional information, please contact your BAL attorney.
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