In Venezuela, the minimum wage is established by the national government through its publication in the Official Gazette of the Bolivarian Republic of Venezuela. Since May 2008, the minimum wage in Venezuela is 799 Bs (about U.S. $ 372) for a 40-hour week’s work, becoming the country with the highest minimum wage in Latin America.

However, it should be mentioned that Venezuela has one of the highest inflation rates in Latin America, which is why the salary increase is usually lower than the country’s inflation and, therefore, each year Venezuelans suffer a reduction in purchasing power.