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Average Salary in Venezuela 2020

How much money does a person working in Venezuela make?


Average Monthly Salary
133,000 VES
( 1,600,000 VES yearly)

LOW
18,100
VES
AVERAGE
133,000
VES
HIGH
591,000
VES

A person working in Venezuela typically earns around 133,000 VES per month. Salaries range from 18,100 VES (lowest average) to 591,000 VES (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Distribution of Salaries in Venezuela

Median and salary distribution monthly Venezuela
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The median, the maximum, the minimum, and the range

  • Salary Range

    Salaries in Venezuela range from 18,100 VES per month (minimum salary) to 591,000 VES per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 123,000 VES per month, which means that half (50%) of the population are earning less than 123,000 VES while the other half are earning more than 123,000 VES. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 63,400 VES while 75% of them are earning more than 63,400 VES. Also from the diagram, 75% of the population are earning less than 328,000 VES while 25% are earning more than 328,000 VES.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Venezuela costs anywhere from 667,000 Bolivar Soberano(s) to 2,000,000 Bolivar Soberano(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.



Salary Comparison By Gender

Salary comparison by gender monthly Venezuela
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Venezuela earn 10% more than their female counterparts.

Female
126,000 VES
Male+10%
138,000 VES
Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Venezuela

How much are annual salary increments in Venezuela? How often do employees get salary raises?

Venezuela

Employees in Venezuela are likely to observe a salary increase of approximately 4% every 29 months.

Annual Salary Increment Rate Venezuela
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Venezuela is 2%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Venezuela for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Average Salary Increase Rate by Experience Level

Junoir Level
3% - 5%
Mid-Career
6% - 9%
Senior Level
10% - 15%
Top Management
15% - 20%

The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.

Worldwide Salary Raises: All Countries and All Jobs

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Bonus and Incentive Rates in Venezuela

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Venezuela
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69% of surveyed staff in Venezuela reported that they haven't received any bonuses or incentives in the previous year while 31% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 4% to 5% of their annual salary.

Received Bonus
31%
No Bonus
69%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


Bonus Rates Comparison by Career Field

Finance
High
Architecture
High
Sales
High
Business Development
High
Marketing / Advertising
High
Information Technology
Moderate
Healthcare
Moderate
Insurance
Moderate
Customer Service
Moderate
Human Resources
Moderate
Construction
Low
Transport
Low
Hospitality
Low

What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Venezuela
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Where can you get paid more, working for a private company or for the government? Public sector employees in Venezuela earn 11% more than their private sector counterparts.

Private Sector
125,000 VES
Public Sector+11%
139,000 VES
Percentage increase and decrease are relative to the previous value

Salary Trend and Forecast in Venezuela

How are Venezuela salaries changing over time? The chart below shows the average salary change in the past few years.

Salary trends and forecast monthly Venezuela
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Average Salary 2016
123,000 VES
Average Salary 2017+4%
127,000 VES
Average Salary 2018+1%
129,000 VES
Average Salary 2019+2%
131,000 VES
Percentage increase and decrease are relative to the previous value

Salaries in Venezuela are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant88,200 VES
Accounting Assistant88,000 VES
Accounting Manager172,000 VES
Bookkeeper68,600 VES
Chartered Accountant114,000 VES
Corporate Treasurer225,000 VES
Financial Analyst139,000 VES
Financial Manager265,000 VES
Internal Auditor138,000 VES

Administration / Reception / Secretarial
Administrative Assistant70,400 VES
Office Manager88,000 VES
Receptionist97,100 VES
Secretary71,700 VES

Advertising / Grapic Design / Events
Art Director133,000 VES
Creative Director130,000 VES
Graphic Designer95,300 VES
Photographer90,900 VES

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer148,000 VES
Air Traffic Controller129,000 VES
Flight Attendant112,000 VES
Pilot150,000 VES

Architecture
Architect115,000 VES
CAD Drafter100,000 VES

Automotive
Mechanic67,600 VES
Service Advisor109,000 VES

Banking
Bank Branch Manager202,000 VES
Teller86,400 VES

Bilingual
Teacher97,100 VES
Translator114,000 VES

Business Planning
Business Analyst164,000 VES
Business Development Manager193,000 VES
Project Manager144,000 VES

Care Giving and Child Care
Nanny85,000 VES
Nursery Teacher92,200 VES

Construction / Building / Installation
Civil Engineer121,000 VES
Construction Project Manager151,000 VES
Health and Safety Officer80,800 VES

Customer Service and Call Center
Call Center Representative88,900 VES
Customer Service Manager172,000 VES
Customer Service Representative95,200 VES

Engineering
Electrical Engineer132,000 VES
Engineer118,000 VES
Mechanical Engineer131,000 VES

Executive and Management
Chief Executive Officer290,000 VES
Chief Financial Officer278,000 VES
General Manager230,000 VES

Food / Hospitality / Tourism / Catering
Chef108,000 VES
Executive Chef113,000 VES
Hotel Manager202,000 VES
Travel Agent109,000 VES
Waiter / Waitress83,600 VES

Health and Medical
Dentist313,000 VES
Dietitian294,000 VES
Laboratory Technician101,000 VES
Nurse108,000 VES

Human Resources
Human Resources Manager190,000 VES
Human Resources Officer106,000 VES

Information Technology
Computer Technician98,100 VES
Database Administrator132,000 VES
Developer / Programmer111,000 VES
Information Technology Manager188,000 VES
Network Engineer112,000 VES

Law Enforcement / Security / Fire
Police Officer104,000 VES

Legal
Attorney193,000 VES
Legal Assistant98,800 VES

Media / Broadcasting / Arts / Entertainment
Journalist132,000 VES

Pharmaceutical and Biotechnology
Biomedical Engineer116,000 VES
Pharmacist151,000 VES

Sales Retail and Wholesale
Cashier72,400 VES
Sales Manager217,000 VES
Sales Representative84,500 VES

Teaching / Education
Elementary School Teacher88,900 VES
Secondary School Teacher103,000 VES

Average Hourly Wage in Venezuela


770 VES per hour

The average hourly wage (pay per hour) in Venezuela is 770 VES. This means that the average person in Venezuela earns approximately 770 VES for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Salary Comparison By City

CityAverage Salary
Barquisimeto134,000 VES
Caracas150,000 VES
Ciudad Guayana125,000 VES
Maracaibo143,000 VES
20976 - 20

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