Effective 1 December 2018, Venezuela has increased the minimum monthly salary from VES 1,800 to VES 4,500. The increase impacts the basis cap for social security contributions, unemployment insurance, and other benefits. Note – Venezuela revalued its currency in August 2018 with the introduction of the Bolívar Soberano (VES), which is equal to 100,000 times the prior currency, the Bolívar Fuerte (VEF).