In 2020, the national minimum wage in Venezuela remained fixed at 141.5 € per month, that is 1,698 euros per year, taking into account 12 payments per year.
If we look at the minimum salary in Venezuelan bolivar fuerte, which is the official currency in Venezuela, we can see that, this year, it was 40,000,000 Venezuelan bolivar fuerte and accordingly, the national minimum wage has been raised 28,750,000 Venezuelan bolivar fuerte per month from the previous year, 255.56%. This increase is greater than the CPI of 2019 which was 9,585.5%, so workers have gained buying power in the last year.
If we look at the ranking of the national minimum wage that we publish, Venezuela is in 75 nd place, so it is among the countries with the lowest minimum salary of the 100 of the list.
The National Minimum Wage (NMW) of a country is the minimum amount (lowest salary) per hour, per day, or per month that employers may legally pay to workers.
In the table that follows we show you the progression of the National Minimum Wage Venezuela. You can see NMW in other countries in National Minimum Wage 2020 and see all the information about this country in Venezuela economy.