Find your employer of record in Venezuela
Venezuela
Venezuelan Bolivar (VES)
Currency
monthly
Payroll Frequency
15.75 to 27
Employer Tax
With 2 clicks, start your journey to Hire a contractor or remote employees in Venezuela without a entity set up.
Overview
Capital
Currency
Date Format
Fiscal Year
Reviews
Caracas
Venezuelan Bolivar (VES)
DD/MM/YY
January 1st-December 31st
0 / 5 Star (0 Reviews)
Write ReviewFind your employer of record in Venezuela
Venezuela
Venezuelan Bolivar (VES)
Currency
monthly
Payroll Frequency
15.75 to 27
Employer Tax
Overview
Capital
Currency
Date Format
Fiscal Year
Reviews
Caracas
Venezuelan Bolivar (VES)
DD/MM/YY
January 1st-December 31st
0 / 5 Star (0 Reviews)
With 2 clicks, start your journey to Hire a contractor or remote employees in Venezuela without a entity set up.
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Overview
Venezuelan Bolivar (VES)
CURRENCY
Caracas
CAPITAL
monthly
PAYROLL FRECUENCY
12
PUBLIC HOLIDAYS
15.75 to 27
EMPLOYER TAXES
13TH / 14TH SALARY
The 13th Salary in this region is usual and typically given at the end of the year.
Employee and employeer taxation in Venezuela
Employer
Company Payroll Contributions
9% - 11%
Social Security
2% - 2%
Employment Benefit Regime Contribution
2% - 2%
Housing Regime Contribution
2% - 2%
Employee Training Contribution (INCES)
0.75% - 10%
Employee Training Contribution (INCES) Workplace Prevention, Conditions, and Environment Contribution (LOPCYMAT)
15.75% - 27%
Total Employment Cost
Employee
Worker Payroll Contributions
0%- 4%
Social Security
0%- 0.50%
Employment Benefit Regime Contribution (Up to 10 minimum salaries for urban employees)
0%- 1%
Housing Regime Contribution
0%- 0.50%
Employee Training Contribution (INCES)
0% - 6%
Total Employee Cost
Employee Income Tax in Venezuela
Worker Income Tax
6%
up to 1,000 TU
9%
1,000 TU to 1,500 TU
12%
1,500 TU to 2,000 TU
16%
2,000 TU to 2,500 TU
20%
2,500 TU to 3,000 TU
24%
3,000 TU to 4,000 TU
29%
4,000 TU to 6,000 TU
34%
More than 6,000 TU
Payroll Contributions in Venezuela
Payroll Cycle
The frequency of payroll in Venezuela is either biweekly or monthly. Bi-weekly employees must obtain their payment on the 15th and 30th of the month. An Employer of Record in Venezuela can provide employees from Venezuela with their payroll.
13th Salary
In Venezuela, a 13th-month pay is obligatory, and it is often made towards the end of the year, however this might vary according on the terms of the collective agreement. Remote workers in Venezuela usually receive this pay with the minimum wage in Venezuela.
Employee Benefit in Venezuela
Visa and work permit in Venezuela
Businesses of foreign nationals have a variety of possibilities according to Venezuela's immigration system. Each form of permit has diverse demands, timeframes, job eligibility, and incentives for accompanying family members.
Before entering Venezuela to conduct any business activity, all foreign nationals must get a business visa, known as a TR-N Visa. This visa is typically valid for one year and permits stays of a maximum of 180 days, either consecutively or cumulatively.
Short-term employees on home payroll can work for 90 days with the 90-Day TR-L Visa.
The TR-L Visa, which has a one-year validity period with unlimited renewals, is the most common type of work authorization. Despite the fact that no labor market testing is necessary, there is a basic wage criterion that is updated yearly. The Ministry of Labor must first approve a work permit before approving an application for a TR-L visa.
No of their nationality, foreigners must apply for a TR-L visa at a Venezuelan consular office after SAIME (Servicio Administrativo de Identificación, Migración y Extranjera) has given its approval. After living in Venezuela for five years without interruption on a TR-L visa, the bearer is eligible for permanent residency.
VAT in Venezuela
In Venezuela, the usual VAT rate is 16.00%. With Employer of Record services in Venezuela, companies can comply with tax guidelines.
Working Hours in Venezuela
General
The workweek is typically set at a maximum of 40 hours each week and no more than 5 8-hour days. Under-18 workers are only able to work a maximum of six hours per day or thirty hours per week.
Employees in upper management, as well as those in inspection or supervision, may go over the daily or weekly limitations if:
- There are no more than 11 hours in a workday.
- No more than 40 hours a week on average are worked during the course of eight weeks.
- The worker is eligible to two consecutive paid rest days per week.
With the support of Employer of Record services in Venezuela, companies can fairly hire Venezuelan employees under the right conditions.
Overtime
The employment agreement or union contract must be followed in order to ensure that all labor performed outside of the usual workweek is compensated as overtime. If overtime is compensated, it is calculated at 150.00% of the normal salary pay rate for each hour worked above the allotted period.
Ten hours per week and one hundred hours annually are the limit allowed for overtime work. A payroll outsourcing services provider can help businesses provide the right payments to workers.
Working Week
From Monday to Friday.
Employee Termination in Venezuela
Termination Process
Depending on the type of agreement and the grounds for termination, the termination procedure differs depending on the contract of employment or union contract in effect.
Notice Period
In Venezuela, there is no notice time; instead, this is typically set out in the contract of employment. With Employer of Record services in Venezuela, workers can establish a notice period in their contracts.
Severance Pay
In Venezuela, there is no legal severance pay.
When an employee is hired, the employer and employee engage into a severance agreement; as part of this arrangement, both parties contribute a monthly amount to a severance fund and are eligible to a specified sum upon termination.
Probation Period
In Venezuela, there is no mandated probationary term; instead, this is typically spelled out in the contract of employment. However, the first 30 days of employment are sometimes the probationary period because it is legal to fire an employee without cause during this time. With Employer of Record services in Venezuela, managers can hire and fire employees.
Employee Leaves in Venezuela
Paid Time Offs
After one year of continuous service, employees in Venezuela are eligible to 15 working days of vacation pay; plus, an extra working day for every succeeding year of service, up to a total of 30 working days annually.
Public Holidays
There are 12 national holidays throughout the year.
Vacation Holidays
There are 15 vacation holidays throughout the year.
Sick Days
If an employee becomes ill or hurts himself, they are allowed to take up to a year of sick time. The worker is eligible to a sick leave payment in the event of illness, which is paid by the company for the first 3 days and then by the social welfare from the fourth day on.
Within 48 hours of becoming ill, employees must present a certified professional medical certificate.
Paternity Leave
The father or partner in Venezuela is entitled to one week of paternity leave pay. PEO services can help businesses to provide this benefit.
Paternal Leave
Parents have the right to 14 days of time off with pay.
Other Leave
An employee may be eligible for extra leave kinds, as agree upon by the employer and the employee, according to the collective agreement or employment contract, for the following reasons:
- Workers are eligible to two days of paid time off for bereavement when a close relative passes away.
- Workers are eligible to three days of leave if they are getting married.
- Employees in Venezuela are legally entitled to study time off; however, the legislation does not specify how long this time off should be or whether it is paid or not. When such a leave is approved, the employee's employment contract is put on hold.
- Employees have the right to paid time off while serving in the military or receiving training.
Maternity Leave in Venezuela
Six weeks prior to the anticipated delivery date and 20 weeks after the birth make up the 26 weeks of maternal leave that mothers are eligible to. Social Security contributes at a rate of 66.60% to salary.
There are 182 leave throughout the year.
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