- Currently, pension payments in Venezuela are made one month in advance | Photo: José Daniel Ramos
The Venezuelan Social Security Institute (IVSS) announced that the payment of pensions for the month of August will begin on Monday, July 22.
The news was released by the IVSS through the account of X (formerly Twitter)Pensioners will receive an amount of 130 bolivars. This figure is equivalent to 3.72 dollars, according to the exchange rate (Bs.36.60) of the Central Bank of Venezuela (BCV) for Friday, July 19, 2024.
Currently, pension payments in Venezuela are made one month in advance.
The amount corresponding to the month of August for IVSS pensioners will be deposited on July 22.#VictoriousPeople@NicolasMaduro@MagaGutierrezV@delcyrodriguezv pic.twitter.com/5Eb4o3tUCK
— Venezuelan Social Security Institute (@Somosivss) July 19, 2024
What is the pension for?
The pension is only enough to cover 8.56% of the Petare Basket for week 26 of 2024. This amounted to 1,523 bolivars, the equivalent of 41.61 dollars, according to the Venezuelan Financial Observatory (OVF).
In this sense, an elderly person would need more than 11 pensions to be able to buy all the products of the Petare basketThe eight basic products that make up this basket are:
-A carton of 30 eggs: 180 bolivars or $4.93
-A package of corn flour: 48 bolivars or $1.31
-One kilogram of white cheese: 190 bolivars or $5.21
-One kilogram of meat: 320 bolivars or $8.77
-A package of coffee: 480 bolivars or $13.16
-A package of rice: 65 bolivars or $1.78
-One liter of oil: 175 bolivars or $4.80
-A packet of sugar: 65 bolivars or $1.78
The pension amount would only be enough to buy three of the following products from the Petare Basket: a package of flour for 48 bolivars (1.31 dollars), a package of rice for 65 bolivars (1.78 dollars) and a package of sugar for 65 bolivars (1.78 dollars).
Venezuelan companies must contribute 9% to the pension fund
On May 9, Decree No. 4,952 was published in the Official Gazette, establishing that the amount to be paid by private companies in Venezuela for the special contribution implemented in the Special Pension Protection Act will be 9%.
According to the legislation, companies registered in the National Registry of Enterprises (RNE) will not have to pay this tax to the National Integrated Service of Customs and Tax Administration (Seniat) for one year from the promulgation of this presidential decree.
On whether this measure benefits pensioners, economist Andrés Guevara explained in Interview with El Diario that the pension system is based on the accumulation of income based on work performed over time, as long as the legal parameters are met. In the case of informal employment, Guevara warned that pensioners will not benefit, because they would not contribute what they are entitled to.
He also recalled that the private sector is currently facing a difficult time, especially micro-enterprises, due to the level of operating costs. This might also lead to payroll reductions, a decrease in salary roles, the loss of employees’ sense of career and a drop in morale in the organisational environment.
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2024-07-20 04:34:56
