Private companies must contribute 9 % of their income to the pension fund, which from now on is known as the Social Security Pension Protection Law.

The issue of income due to pensions in Venezuela has generated controversy in view of the amount that senior citizens receive, which remains at 130 bolivars, the same as the minimum monthly salary for workers.

With the Social Security Pension Protection Law, and the contribution of private companies, the aim is to considerably improve the amount of pensions, which will have a positive impact on the purchasing power and quality of life of the beneficiaries.

The decision on the amount that the private sector must contribute was published in the Official Gazette number 42,880, dated May 16, which also indicates “that duly undertakings are exempt from payment of the special contribution provided in the Pension Law. registered with the National Registry of Entrepreneurship (RNE)”. This exemption has a maximum validity period of one year, “counted from the date of its publication in the Official Gazette,” the document reads.

M.Pino

Source: correodelcaroni

(Reference image source: @josegrasso, X)

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Venezuela’s oil production rose 9.4 %, rising from 669,000 barrels per day (bpd) to 732,000 bpd in January, according to the Organization of the Petroleum Exporting Countries (OPEC).

Estimates for 2022 were focused on Venezuela exceeding two million bpd. However, it produced an average of 716,000 bpd, which represented an increase of 12.5% ​​compared to 2021, when average crude pumping was 636,000 bpd.

“Expectations that the nation will increase its production improved after the US company Chevron received, last November, the go-ahead to resume the production and extraction of oil or derivatives from joint ventures with the Venezuelan state PDVSA, which, according to economist Víctor Álvarez, will translate into “an increase of at least 125,000 bpd,” according to sources.

Regarding the South American country’s oil production by 2023, the president of the state-owned PDVSA, Pedro Tellechea, is confident that it will improve.

M.Pino

With information from national and international media

(Reference image source: Delfino Barboza, Unsplash)

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