FLASH REPORT – LABOR
1. LEGAL INSTRUMENT
|Decree No. 4,093 Minimum Wage Increase||6,502 Special Issue||January 9, 2020|
2.1. Mandatory National Minimum Monthly Wage
The monthly minimum wage that must be paid throughout the Republic to workers providing services in the public and private sectors, commencing on January 1, 2020, has been increased to Bs. 250,000.00.
2.2. Minimum Monthly Wage for Adolescent Apprentices
The minimum wage payable in the case of this group is VES 187,000.00 per month.
2.3. Obligation to Pay in Cash
The minimum wages set in this Decree must be paid in cash and no payments in kind will be allowed as part of these wages.
The same minimum wage mentioned in section 2.1 of this report will be applicable to the pensions paid to pensioners and retirees of the National Public Administration and in the case of the pensions paid by the Venezuelan Social Security Institute (I.V.S.S.).
3. EFFECTIVE DATE: January 1, 2020.
Benson, Pérez Matos, Antakly & Watts
Carlos A. Godoy L.