Identifier
Created
Classification
Origin
09CARACAS568
2009-05-07 16:29:00
UNCLASSIFIED
Embassy Caracas
Cable title:
VENEZUELAN SOCIAL SECURITY LAW, INCREASED MANDATORY CONTRIBUTIONS
how-toP 071629Z MAY 09 FM AMEMBASSY CARACAS TO SECSTATE WASHDC PRIORITY 3013 INFO USOFFICE FSC CHARLESTON PRIORITY
UNCLAS CARACAS 000568
CFSC FOR APAY CARACAS
STATE FOR WHA/EX/PMO - MICHAEL KELLY AND WHA/EX/CMD - SANDRA HEMBY
E.O. 12958: N/A
TAGS: AFSN, AMGT, AFIN
SUBJECT:VENEZUELAN SOCIAL SECURITY LAW, INCREASED MANDATORY
CONTRIBUTIONS
UNCLAS CARACAS 000568
CFSC FOR APAY CARACAS
STATE FOR WHA/EX/PMO - MICHAEL KELLY AND WHA/EX/CMD - SANDRA HEMBY
E.O. 12958: N/A
TAGS: AFSN, AMGT, AFIN
SUBJECT:VENEZUELAN SOCIAL SECURITY LAW, INCREASED MANDATORY
CONTRIBUTIONS
1. Summary: The government of Venezuela has increased the monthly
minimum wage from BF. 799.23 to BF. 879.15 effective May 1, 2009 as
per official gazette no. 39.151, dated April 1, 2009. The salary
ceiling from which social security, unemployment, childcare, and
retirement contributions are required was raised from Bs. 3,996.15
to 4,395.75 monthly. This will increase contributions for employer
and employee. End summary.
3. Unemployment insurance is tied into the social security system
and also states that the salary for contributions established for
unemployment insurance is based on five times the monthly minimum
urban wage. The salary ceiling is NOW Bs. 879.15 and the employer
contribution remains 2.00% and the employee contribution is 0.50% of
the adjusted salary.
Caulfield
CFSC FOR APAY CARACAS
STATE FOR WHA/EX/PMO - MICHAEL KELLY AND WHA/EX/CMD - SANDRA HEMBY
E.O. 12958: N/A
TAGS: AFSN, AMGT, AFIN
SUBJECT:VENEZUELAN SOCIAL SECURITY LAW, INCREASED MANDATORY
CONTRIBUTIONS
1. Summary: The government of Venezuela has increased the monthly
minimum wage from BF. 799.23 to BF. 879.15 effective May 1, 2009 as
per official gazette no. 39.151, dated April 1, 2009. The salary
ceiling from which social security, unemployment, childcare, and
retirement contributions are required was raised from Bs. 3,996.15
to 4,395.75 monthly. This will increase contributions for employer
and employee. End summary.
3. Unemployment insurance is tied into the social security system
and also states that the salary for contributions established for
unemployment insurance is based on five times the monthly minimum
urban wage. The salary ceiling is NOW Bs. 879.15 and the employer
contribution remains 2.00% and the employee contribution is 0.50% of
the adjusted salary.
Caulfield