On 7 September 2017, the Venezuelan government reportedly announced a further 40% increase in the country's minimum monthly salary from VEF 97,531.56 to 136,544.18. The increase is effective 1 September 2017 and impacts the basis cap for social security contributions, unemployment insurance, and other benefits. For employer social security contributions, the rates are 9%, 10%, or 11% based on the risk qualification of the company with a basis cap of five minimum monthly salaries. For employer unemployment insurance contributions, the rate is 2% with a basis cap of 10 minimum monthly salaries.