On 15 October 2015, the Venezuelan government announced that the country's minimum monthly salary will be increased from VEF 7,421.68 to VEF 9,649.00 effective 1 November 2015. This is the fourth increase so far in 2015. The minimum salary is used in determining the basis cap for social security contributions, unemployment insurance, and other benefits ({News-2015-05-20/A/4- previous coverage}).