Venezuela: Social bonuses and pension payments announced

The Venezuelan government has initiated several social benefit payments through the Patria System. The ‘Somos Venezuela’ bonus for October was released at 4,893.80 bolívares (approximately $5.55), while the ‘Ingreso Integral de los Trabajadores’ for retirees was distributed at 116,641.00 bolívares (approximately $132.27).

Additionally, the Venezuelan Institute of Social Security (IVSS) announced that November pension payments would begin on Wednesday, October 21. These payments are being distributed in advance of the month they correspond to. Despite these disbursements, the national minimum wage remains frozen at 130 bolívares, a level that has not changed since March 2022.

In the currency market, the official exchange rate set by the Central Bank of Venezuela (BCV) showed an upward trend, reaching 883.40 bolívares per US dollar as of October 21.