Key Facts: Venezuela vs Latvia Wages
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- Latvia Minimum Wage
- €4.50/hr ($5.24 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Latvia Avg. Gross Monthly Salary
- €1,600 /mo ($1,863.28 USD)
- Data Sources
- 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), 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)
Venezuela 
Latvia
Updated 2026-05-04
The minimum wage in Venezuela is roughly 281 times lower than in Latvia in USD terms, reflecting the gap between a upper-middle-income and a high-income economy. Average gross salaries diverge further: $14/mo in Venezuela versus $1,863/mo in Latvia, a 136.0:1 ratio.
Venezuela's unemployment rate is 5.3% compared to Latvia's 6.6%.
Detailed Comparison
| Metric | Venezuela | Latvia |
|---|---|---|
| Minimum wage /hr | Bs.D0.68 $0.02 | €4.50 $5.24 |
| Minimum wage /day | Bs.D5.42 $0.15 | — |
| Minimum wage /mo | Bs.D130 $3.56 | €780 $908.35 |
| Minimum wage /yr | — | €9,360 $10,900.20 |
| Avg. gross salary /mo | Bs.D500 /mo $13.70 | €1,600 /mo $1,863.28 |
| Avg. net salary /mo | N/A/mo | €1,180 /mo $1,374.17 |
| Median individual income /yr | N/A/yr | €10,200 /yr $11,878.42 |
Percentage differences are based on USD equivalent values. Positive means Venezuela is higher.
Work Week
- 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.
- 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.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker in Venezuela earns 28029% less per hour in USD terms than one in Latvia.
See this comparison from Latvia's perspective: Latvia vs Venezuela
Compare Venezuela with...
Venezuela vs United States $ 7.25 /hr 
Venezuela vs China ¥ 25 /hr 
Venezuela vs Germany € 13.9 /hr 
Venezuela vs United Kingdom £ 12.71 /hr 
Venezuela vs India ₹ 4,576 /mo 
Venezuela vs Japan ¥ 1,121 /hr 
Venezuela vs France € 12.02 /hr 
Venezuela vs South Korea ₩ 10,320 /hr 
Venezuela vs Canada C$ 18.1 /hr 
Venezuela vs Australia A$ 24.95 /hr 
Venezuela vs Brazil R$ 7.37 /hr 
Venezuela vs Russia ₽ 156.31 /hr 
Venezuela vs Mexico MX$ 9,583.52 /mo 
Venezuela vs Indonesia Rp 33,058 /hr 
Venezuela vs Netherlands € 14.71 /hr 
Venezuela vs Saudi Arabia ﷼ 23.08 /hr 
Venezuela vs Turkey ₺ 164.94 /hr 
Venezuela vs Taiwan NT$ 190 /hr 
Venezuela vs Switzerland 
Venezuela vs Poland zł 31.4 /hr 
Venezuela vs Thailand ฿ 10,400 /mo 
Venezuela vs Sweden 
Venezuela vs Argentina ARS 1,762 /hr 
Venezuela vs Singapore Frequently Asked Questions
Is the minimum wage higher in Venezuela or Latvia?
In Venezuela, the minimum wage is Bs.D0.68/hr ($0.02 USD). In Latvia, it is €4.50/hr ($5.24 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 less does the average worker earn in Venezuela compared to Latvia?
The average gross salary in Venezuela is Bs.D500/mo ($13.70 USD), compared to €1,600/mo ($1,863.28 USD) in Latvia. In USD terms, workers in Venezuela earn approximately 13502% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Venezuela and Latvia 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 Venezuela and Latvia?
Both Venezuela and Latvia 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.