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Employee Benefits in Venezuela 2018

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Published Date : Sep 2018

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No. of Pages : 42 Pages

Employee Benefits in Venezuela 2018


The Venezuelan social security system was established in 1940, and was later amended in 1966, 1989, 1991 and 2002. It is based on solidarity and the redistribution of funds, and not on individual capitalization. It is governed by the Venezuelan Institute of Social Security - Instituto Venezolano de los Seguros Sociales (IVSS) - and comprises four systems: the healthcare services system; the social insurance system; the housing system; and the work health and safety scheme. It covers the Venezuelan workforce, union leaders, members of cooperatives, domestic servants, taxi drivers and their dependents. The system does not cover temporary and casual workers or the self-employed.

The report provides in-depth industry analysis, information and insights of the employee benefits in Venezuela, including: overview of the state and compulsory benefits in Venezuela, detailed information about the private benefits in Venezuela, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Venezuela.

Key Highlights

- State benefits are granted by the government of a particular country to all of its employed and self-employed residents, as well as their dependents.
- The branches of the social security system manage and administer various benefits.
- The Venezuelan social security system was established based on solidarity and the redistribution of funds.
- The system provides coverage for health, maternity and paternity, sickness, work-related accidents and non-work-related accidents, disability, involuntary unemployment, old-age, widowhood, orphan hood and expenses related to family, household and recreation to workers and their dependents.


- This report provides a detailed analysis of employee benefits in Venezuela.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Venezuela.

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in Venezuela.
- Assess Venezuelan employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Venezuela.
- Gain insights into key organizations governing Venezuelan employee benefits, and their impact on companies.
Table of Contents
2.1 What is this Report About?
2.2 Definitions
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical Employer Service
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Typical Employer Practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical Employer Practice
6.5.5 Contributions
6.6 Workmens Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Taxation
6.9 Leave
6.9.1 Introduction
6.9.2 Annual Vacation
6.9.3 National Holidays
6.9.4 Bank Holidays
6.9.5 Observance
6.9.6 Season Holidays
6.1 Unemployment Benefits
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment Options
6.10.5 Employee and employer contributions
6.10.6 Taxation
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Other Benefits
8.1. Methodology
8.2. Contact GlobalData
8.3. About GlobalData
8.4. GlobalDatas Services
8.5. Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Venezuela - Country Statistics
Table 3: Effect of Minimum Wage Increase on Social Contributions and Employee Benefits
Table 4: Venezuela - Contributions Towards Social Security System
Table 5: Leave: National Holidays
Table 6: Leave: Bank Holidays
Table 7: Leave: Observance Holidays

List of Figures
Figure 1: Venezuela - Main Institutions of Social Security System

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