In addition to the salary and bonuses paid to each worker, the employer should distribute among its employees 15 percent of its net benefits as a right of the employees, but this percentage some years may be less or more due to the limitations in the law. The computation takes into account the amount of the yearly profit, the salaries received by all employees and the salaries received by each employee. This obligation has a minimum limit of 15 days salary for each employee. The company must be registered before the Ministry of Labor in the area in which it is located. The standard Social Security cost or tax is based on a minimum salary per employee of 75,000 Bolivars per month, with the company paying 7 to 9 percent of the worker's salary, depending on the risk factor of the job, and the employee 4 percent per month.
Payment is to be made on a monthly basis according to bills by the institute.
From the amount quoted the employee contributes .50 percent and the employer 1.70 percent, to be paid to the Social Security Institute on a monthly basis. The employer's contribution is 2 percent of the amount paid for monthly basic salary of each employee, in each case up to 10 minimum salaries. The employee's contribution is be 1 percent of the amount received for basic monthly salary up to 10 minimum salaries. The payment must be made to a bank on a monthly basis, with a detail of the reasons for the payment. The member law firms of Lex Mundi maintain complete autonomy, exercise their professional services on an independent basis, and are not affiliated for the joint practice of law.