Key Facts: Latvia vs Venezuela Wages
- Latvia Minimum Wage
- €4.50/hr ($5.24 USD)
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Latvia Avg. Gross Monthly Salary
- €1,600 /mo ($1,863.28 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Data Sources
- State Revenue Service (Valsts ieņēmumu dienests); 2026 figure verified via Wikipedia EU member states by minimum wage table (eff 2026-01-01) (2026-05-04), Venezuelan Ministry of Labour (MINPPTRASS) / Decreto 4.653/2022 / Cendas-FVM. Confirmed: legal salario mínimo has been UNCHANGED at VES 130 since March 2022 (over 4 years frozen amid hyperinflation). Effective real income for workers is dominated by the 'ingreso integral' (bono de guerra económica + CESTATICKET food bonus), increased to USD 240/month effective 1 May 2026. (2026-05-04)
Latvia 
Venezuela
Updated 2026-05-04
The minimum wage in Latvia is roughly 281 times higher than in Venezuela in USD terms, reflecting the gap between a high-income and a upper-middle-income economy. Average gross salaries diverge further: $1,863/mo in Latvia versus $14/mo in Venezuela, a 136.0:1 ratio.
Latvia's unemployment rate is 6.6% compared to Venezuela's 5.3%.
Detailed Comparison
| Metric | Latvia | Venezuela |
|---|---|---|
| Minimum wage /hr | €4.50 $5.24 | Bs.D0.68 $0.02 |
| Minimum wage /day | — | Bs.D5.42 $0.15 |
| Minimum wage /mo | €780 $908.35 | Bs.D130 $3.56 |
| Minimum wage /yr | €9,360 $10,900.20 | — |
| Avg. gross salary /mo | €1,600 /mo $1,863.28 | Bs.D500 /mo $13.70 |
| Avg. net salary /mo | €1,180 /mo $1,374.17 | N/A/mo |
| Median individual income /yr | €10,200 /yr $11,878.42 | N/A/yr |
Percentage differences are based on USD equivalent values. Positive means Latvia is higher.
Work Week
- Latvia
-
40 hrs/wk standard
Max 48 hrs/wk
Overtime : 2x pay
Standard workweek is 40 hours. Overtime is limited and must be compensated at 100% premium (double rate). Night work premium at least 50%. Overtime not to exceed 144 hours in a 4-month period.
- Venezuela
-
40 hrs/wk standard
Max 44 hrs/wk
Overtime : 1.5x pay
Organic Labour Law (LOTTT) of 2012 sets the standard workweek at 40 hours (8 hours/day, 5 days). Certain sectors may work up to 44 hours/week. Overtime is limited to 100 hours/year and paid at a premium of at least 50%. Night work (7pm–5am) carries a 30% premium. Workers are entitled to 2 years advance notice before termination — the LOTTT provides extremely strong job security provisions. Saturday is often worked in practice in commerce/industry.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker moving from Venezuela to Latvia would see a 28029% increase in USD-equivalent hourly earnings.
See this comparison from Venezuela's perspective: Venezuela vs Latvia
Compare Latvia with...
Latvia vs United States $ 7.25 /hr 
Latvia vs China ¥ 25 /hr 
Latvia vs Germany € 13.9 /hr 
Latvia vs United Kingdom £ 12.71 /hr 
Latvia vs India ₹ 4,576 /mo 
Latvia vs Japan ¥ 1,121 /hr 
Latvia vs France € 12.02 /hr 
Latvia vs South Korea ₩ 10,320 /hr 
Latvia vs Canada C$ 18.1 /hr 
Latvia vs Australia A$ 24.95 /hr 
Latvia vs Brazil R$ 7.37 /hr 
Latvia vs Russia ₽ 156.31 /hr 
Latvia vs Mexico MX$ 9,583.52 /mo 
Latvia vs Indonesia Rp 33,058 /hr 
Latvia vs Netherlands € 14.71 /hr 
Latvia vs Saudi Arabia ﷼ 23.08 /hr 
Latvia vs Turkey ₺ 164.94 /hr 
Latvia vs Taiwan NT$ 190 /hr 
Latvia vs Switzerland 
Latvia vs Poland zł 31.4 /hr 
Latvia vs Thailand ฿ 10,400 /mo 
Latvia vs Sweden 
Latvia vs Argentina ARS 1,762 /hr 
Latvia vs Singapore Frequently Asked Questions
Is the minimum wage higher in Latvia or Venezuela?
In Latvia, the minimum wage is €4.50/hr ($5.24 USD). In Venezuela, it is Bs.D0.68/hr ($0.02 USD). Latvia has the higher rate by 28029% in USD terms. That nominal gap does not account for local prices; see the purchasing power comparison below for a cost-of-living-adjusted view. Workers in Venezuela may retain a larger share of their earnings if prices there are lower.
How much more does the average worker earn in Latvia compared to Venezuela?
The average gross salary in Latvia is €1,600/mo ($1,863.28 USD), compared to Bs.D500/mo ($13.70 USD) in Venezuela. In USD terms, workers in Latvia earn approximately 13502% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Latvia and Venezuela is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Latvia earn more in nominal terms, though how far that income stretches depends on local prices in Venezuela.
How do work hours compare between Latvia and Venezuela?
Both Latvia and Venezuela mandate a similar standard work week of 40 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.