Average Salary in Venezuela

Table of Contents

How much money does a Venezuelan worker earn?

In Venezuela, the average monthly salary for a worker is roughly 132,000 VES. This is the monthly average pay, which includes housing, transportation, and other perks.

Salaries vary significantly across occupations. In Venezuela, the minimum salary that can be received by an unskilled worker is around 97,000 VES.

Take note that these are only estimations.

Salary Distribution in Venezuela

Salary Scale

Venezuelan salaries vary from 33,500 VES to 591,000 VES per month. There is also a salary scale that goes with jobs through different industries.

Venezuelan workers usually receive payment every 15th and 30th of the month.

Different industries have different salary scales such as production worker, industrial technician, industrial manager, office clerk, office assistant, carpenter, electrician, and other engineering careers.

This is a multifaceted scale where companies can see what they should be paying their employees for jobs that vary from high to low ranking.

A company may also decide to pay more than the basics so it will all depend on the company’s budgeting process as well as local regulation and labor laws.

Salary Median

The median monthly wage is 122,000 VES, which implies that half of the population (50 percent) earns less than 122,000 VES and the other half earns more than 122,000 VES.

The monthly wage in the urban area is 166,000 VES and it is 100,000 VES in rural areas.

The difference between these numbers (166,000-100,000 = 66,000) plays an important role because this means that there are many people living in the rural areas who earn much less than what would be considered a sustainable income.

Percentiles

25% of the population earns less than 69,900 VES, while 75% earn more. This corresponds to a median income of 69,900 VES.

How much does the median pay vary from the average salary?

The difference between median pay and average salary in terms of compensation is currently at an all-time high. Most experts explain this by saying that the average salary is being pulled up to meet the demands set by the median pay.

This means that although there are people making less than the median, they are still receiving more than what they used to get in order to catch up with everyone who is earning above average.

Comparing Salaries based on Years of Work Experience

How does a person’s income grow overtime working in Venezuela?

A person working in Venezuela may experience an increase in pay when they gain more experience.

A person with five years of work experience in Venezuela may have a salary of around 8,000 VES while a person who has 15 years of work experience may have a salary of around 17,500 VES.

A person working in Venezuela may also receive an additional amount of money based on being within different age groups.

A young worker under the age of 30 would be paid about 5,400 VES while an older worker above the age of 40 would receive around 6,200 VES dollars.

Comparing Salaries Based on Education

How does your education level influence your salary?

A Venezuelan worker’s pay is related to their education level.

An individual holding secondary school certification is paid between 4,800 and 7,900 bolivars per month depending on experience whereas someone with higher education certification could see earnings upwards of 12,500 bolivars per month.

In Venezuela, it is hard to be successful with education below high school as this individual would average a lower salary than someone who didn’t complete high school.

In addition, the required time spent in the educational program could have been used instead at work and gaining paid experience.

High school graduates may see a higher salary increase if they decide to continue their studies through undergraduate or graduate programs.

Finally, people holding a college degree could expect a significantly larger pay increase if compared to those with secondary or primary school education levels.

Wage Comparisons Based on Gender

On average, men workers in Venezuela earn 7% more than their female colleagues.

In Venezuela, women spend on average 28 hours per week working household chores and childcare. This means that they work for free since domestic tasks are unpaid in Venezuelan society. When considering full-time occupations with no overtime hours or neglecting household labor altogether – the gap shrinks to 2%.

The Venezuelan government has addressed gender inequalities within employment through various policies. One of them is the insertion of women in decision-making positions within the government, which has worked to close the gap by 1%.

There remains a gap between what male and female workers earn because women tend to be employed in lower-paid jobs such as service and sales. There are also more men than women with college degrees.

Venezuela’s Annual Average Salary Increase Percentage

How much is a yearly raise in Venezuela?

Employees in Venezuela are expected to have a wage rise of roughly 4% every 29 months. But remember that the yearly pay raise also depends on the career field the worker is in.

Venezuelan workers are entitled to a salary increase based on their seniority with the company. According to Venezuela’s Labor Law, if an individual has worked with the same company for more than 5 years, he is expected to receive an increase of 15% of his yearly income.

Wages usually vary depending on certain conditions such as field and sector. For example, employees who work in public institutions likely receive higher salaries than those working in private companies.

Industry Annual Increment Rates

Education – 7%
Travel – 5%
Technology – 1%
Food – 7%
Automobiles – 3%
Construction – 4%
Media – 2%
Pharmaceuticals – 5%
Finance and Banking – 1.5%
Housing – 3%
Retail Sales – 1.5%
Telecommunications – 3.5%

Companies in booming sectors have a tendency to provide greater and more frequent increases to their employees.

There are few exceptions, but, in general, the financial health of any firm is directly tied to the state of the economy of the nation or area in which it operates. These data are subject to periodic revision.

Average Salary Rate by Level of Experience in Venezuela

Workers in junior-level experience in Venezuela have a salary growth of around 9% per year. Mid-level position growth is around 6%. And workers in senior-level experience have a salary growth of 2.5%.

In 2020, Venezuela is expected to have 1.8% annual inflation, so the compensation package offered by the companies will have a 2.3% raise to keep up with the high cost of living while maintaining attractive salaries for their employees to keep workers satisfied and show that Venezuela’s economy is growing.

Near 2020, Venezuelans will see an estimated 1.8% yearly inflation rise so compensation packages offered by employers must include a raise on top of this high cost of living so employees can keep up with expenses while still receiving competitive offers.

Venezuela’s Bonus & Incentive Rates

How frequently and how much are bonuses awarded?

Bonuses in Venezuela are given to workers depending on their job roles. Bonuses are usually awarded monthly or quarterly but can be done a few times a year as well.

In Venezuela, the bonus rates range from 10% to 20% of an individual’s regular pay level depending on their position and how much responsibility they have in the company.

Personal bonuses for Venezuelan workers might be awarded for going above and beyond what is expected at work.

For example, employees who show extra initiative may receive a bonus not only for completing tasks given by management but also for finishing things before they were asked or even anticipating potential problems before they become out-of-hand issues later down the road.

A bonus might also be awarded for unanticipated and unforeseen events that the worker was able to deal with successfully and efficiently, such as a natural disaster affecting or shutting down an entire worksite or company facilities.

Incentive bonuses can be given as a one-time reward or as an ongoing percentage rate on top of frequently already received regular paychecks.

The incentive rate increases as workers’ job performance do well over time.

For example, if a worker has been consistently performing exceptionally during their shift they will receive a higher percentage added on top of their usual pay, but only if they have shown this ability frequently enough overtime to merit the increase in incentive pay rates.

Bonuses Types

Individualized Performance Bonuses

These are those bonuses that are specifically awarded to an individual for achieving something. This can be increasing sales, reaching a certain production goal, or decreasing costs.

These types of bonuses may be more difficult and expensive than other types of bonuses because they require management time and attention as well as the cost of assessing the performance. They also might need to show past performance before an individual would qualify them for an individualized bonus plan.

As more companies use performance-based pay, more research is available on the subject of individualized bonus plans. This suggests that individualized bonuses can positively affect employee motivation and behavior related to their job tasks

This type of plan encourages the employees to achieve specific goals instead of just making a base salary and expecting them to complete all of their duties.

These types of plans lower turnover rates and increase commitment which could save money in the long run because it would mean higher productivity and less time and effort spent hiring, training, and motivating new employees.

Company-based Bonuses

Company-based bonuses are financial benefits that are based on the performance of a company. These bonuses are typically given to employees who work for the company, but can also be offered as incentives to buy stock in the company.

Company-based bonuses are financial benefits that are given to employees who work for a particular business. The primary type of company-based bonus is one that is offered as an incentive to buy stock in the business; this is referred to as an employee stock option plan or ESPP.

Employees purchase shares at a predetermined price and those options become more valuable if the value of those shares increases over time; they can then be cashed in later.

Another common type of company-based bonus is one that offers extra money to employees based on their performance. For example, if a company’s revenue is higher than expected, then employees typically receive a bonus that is commensurate with their performance and the success of the company.

Even though it is not traditional practice, some companies choose to give bonuses to all of their employees as a reward for their hard work.

Goal-based Rewards

These are a great way to encourage your visitors to perform certain actions, such as signing up for an account, sharing content with friends, or making a purchase.

Employees who reached their target goals may be rewarded with a company-sponsored event, such as a dinner or movie outing.

Rewards for goal-based achievements can be achieved in many ways. Some companies offer cash rewards, while others give employees discounts on their products and services.

For other businesses, goal-based rewards may entail an extra paid day off from work and the privilege of working independently from the rest of the team.

Holiday/Year-End Bonuses

These are a form of financial incentive to reward employees for their labor and loyalty throughout the year.

The holiday season is either a very busy, very slow, or a combination of both time periods for businesses. Because this is usually the most profitable part of the business year, it only makes sense that employers would want to reward those who work hardest during this time.

These bonuses can range from as little as $50 all the way up to hundreds of dollars depending on the size and budget of the company as well as how much profit they’re able to allocate toward these bonuses.

In return for this bonus money, workers are expected to continue their hard work on days off and during times when they may normally be going on vacation or enjoying time with friends and family.

Bonuses Career Comparison in Venezuela

There are high-paying jobs in Venezuela, and some of them even offer bonuses. Finance and banking usually make up most of the top-paying jobs with bonuses, but there are also other jobs in various industries that offer bonuses.

Bonuses vary in the amount of money that is given to employees, so bonuses should be considered when deciding on a career.

It is important to take into account other factors as well, such as the type of work involved and the hours you will have to work.

What qualifies a job for large bonuses and high pay?

Venezuelan workers tend to get high salaries and bonuses in the form of incentives.

However, it is important to put into perspective that Venezuelans also work more than most people around the world. A worker is qualified for high pay if he/she works two jobs at once, increasing the amount of work he/she does in a day.

High pay is earned if an employee does more than one job or has knowledge of multiple skills. If you are able to do two jobs at once effectively, then you will be paid well for it too.

Bonuses by Seniority in Venezuela

Seniority is an important factor when it comes to bonuses in Venezuela.

Senior workers who have 10+ years of experience will have advanced degrees. This is in contrast to junior workers who are fresh out of the education system.

The bonus system in Venezuela is particularly unfair to junior employees due to the seniority-based bonus system.

Bonuses by seniority are considered fair since, after several decades of work, experienced workers have paid their dues and deserve more money than fresh college graduates who are still inexperienced in life.

It also ensures that old workers do not lose motivation early on in their careers.

Salaries For Popular Jobs

Advertising / Graphic Design / Events

Art Director – 135,000 VES
Creative Director – 127,000 VES
Graphic Designer – 87,400 VES

Medical / Healthcare

Nurse – 60,000 VES
Pharmacy Technician – 50,700 VES
Nurse’s Aide – 42,500 VES
Physical Therapy Assistant – 62,200 VES

Personal Assistance / Maids / Cleaning

House Keeper (Live-out Nanny) – 53,040 VES
House Keeper (Live-Out Maid) – 49,020 VES
Private Chef – 102,650 VES

Pilot

Captain – 186,500 VES
First Officer (Co-Pilot) – 159,200 VES

Plumber / Electrician / Construction

Plumber/ Welder – 132,720 VES
Driller Rig Operator – 158,210 VES
Electrician Assistant (Trainee) – 65,000 VES
Self-Employed Electrician’s Helper – 65,000 VES

Average Hourly Wage in Venezuela

It costs 760 VES per hour to earn an average hourly salary (pay per hour) in Venezuela. This indicates that regular Venezuelans earn around 760 VES for every hour that they are employed in the country.

On some occasions, employees may agree to receive an alternative form of remuneration. This is especially the case for those that are receiving a fixed salary.

In which they will be able to exchange their fixed rate of pay per day or month in order to compensate for the fluctuations in hourly wage rates.

This may be less than the average hourly rate of VES 760, but it is often more than enough to cover and substitute for regular daily living expenses

However, the question of whether or not they will receive this alternative form of compensation depends entirely on their employer and whether or not they wish to provide such a service.

Some Venezuelans may also work as freelancers in which case they are likely to be classified as self-employed workers without any access to standard employment benefits.

This means that if their work entails working outside of the company then they will have to qualify for certain types of insurance coverage on their own. They can do this by signing up with an organization that specializes in providing these services.

Government vs Private Sector Salary Comparison in Venezuela

Employees in Venezuela’s public sector earn an average of 11% more than their private-sector colleagues across all sectors, on average.

Workers in the private sector have a higher probability of being fired or laid off than those employed in the public sector.

In terms of labor law, unions are stronger in the public sector, and unionized employees tend to earn more as well as receive additional benefits such as social security.

The private sector is better regarded for providing workers with opportunities for advancement and career development.