On 29 April 2016, the Venezuelan government increased the country's minimum monthly salary from VEF 11,577.80 to VEF 15,051.15 effective 1 May 2016. This is the second increase so far in 2016 and follows several increases in 2015. The minimum salary is used in determining 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...