General Regulations to the Social Security Law
Decree Nº 8.922 was published in Official Gazette N° 39.912, dated April 30, 2012. Said Decree contains the partial amendment to the General Regulations to the Social Security Law (the “Regulations”).
Following are the most significant aspects of said amendment:
- Article 7 establishes that non-dependent workers may be registered with the Venezuelan Institute of Social Security (Instituto Venezolano de los Seguros Sociales - IVSS) and gain the status of insured, with the right to all benefits. They must monthly contribute thirteen percent (13%) of the remuneration or income declared by them at the time of registration.
- With the previous approval of the National Executive, the IVSS may modify the manner in which the monthly income of the workers is to be determined or establish a sole reference income, provided that the latter is more favorable to the worker.
- When a non-dependent worker falls more than one month behind with the payment, he/she will have the option to continue in the Social Security after performing his/her obligation.
- The content of article 8 of the Regulations was amended in order to be adapted to the foregoing changes. It was added that the organizations of non-dependent workers, as well as the other trade associations and cooperatives may insure their affiliated workers; they will calculate a monthly remuneration in the aforesaid terms and contribute nine percent (9%) of the same, while workers will contribute the other four percent (4%), in order to complete a monthly contribution equivalent to thirteen percent (13%).
- Articles 9 and 10 of the Regulations were eliminated. Articles 167, 178, 179, 180, and 181 were repealed.
In order to access the text of the Regulations, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”