Approval of the Pension Law keeps the private sector on alert
The Pension Law approved by the National Assembly of Venezuela has put private sector companies on alert, since the new fee they must pay alters their programming of possible increases that they had planned for 2024
With the approval of the Pension Law by the National Assembly of Venezuela, private companies are analyzing whether the new fee they must contribute will disrupt the possible salary increases planned for this year.
The new Pension Law came into effect on Friday, May 10, according to Official Gazette No. 6,806. In its article 7 it establishes that “private legal entities, domiciled or not in the country, must make a special contribution that will be up to 15 % of the total payments made to workers, for salary and bonuses. non-salary character.”
Financial analysts consider that the payment imposed on companies could force a restructuring of the incentives they had planned for the coming months.
In the opinion of Héctor Orochena, a graduate in Fiscal Sciences: “Legal regulations can affect the salary increases that the private sector has planned for this year. The law establishes that this special contribution be paid, taking into account anything paid to the worker, whether salary or not. For example, if the company pays for the school fees of workers’ children or provides a school bonus, it may now reconsider not paying it. Employers will take this law into account to determine the vacation and year-end bonuses, remunerations that have no impact on the salary, but are now included in the tax base.”
M.Pino
Source: elinformante
(Reference image source: Unsplash+, in collaboration with Getty Images)
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