The Venezuelan government has increased the country's minimum monthly salary from VEF 27,092.10 to VEF 40,638.15 effective 1 January 2017. This follows several increases in 2015 and 2016, and is the result of major inflation problems in the country. 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...