Results: 2021 Salary Increases

One of the most anticipated results of the survey we conducted together with VenAmCham, where we obtained 128 answers  from almost all sectors of economic activity in Venezuela, was related to salary increases and their frequency.

The expected salary increases for 2021 are in the order of 2138% for the average of the participants and 1480% if we take the median / 50th percentile.

If we compare that with the average inflation projected by companies for 2021 (3400%), the expected recovery of inflation is in the order of 62.9% (2138/3400).

If the same value is calculated over the median values, the result is (1480/2871) = 48.8%. The values of the non-salary components are expected to be in the order of 58.7% as the average value of the series.

graph showing salary increase in percentages

Salary Increases frequency:
Regarding this aspect, 39% grant increases on a monthly basis, 25% bimonthly and 18% quarterly. The rest of the companies in quarterly periods or longer.

Salary component:
According to the reports received, the average non-salary component estimated in the sample of increases is 59%, the remaining 41% being the percentage of salary components.

+ information