Venezuela: Labor freedom

* indicates monthly or quarterly data series

Labor freedom index (0-100)

 Latest value 36
 Year 2024
 Measure points
 Data availability 2005 - 2024
 Average 32
 Min - Max 24 - 41
 Source The Heritage Foundation
For that indicator, we provide data for Venezuela from 2005 to 2024. The average value for Venezuela during that period was 32 points with a minimum of 24 points in 2015 and a maximum of 41 points in 2007. The latest value from 2024 is 36 points. For comparison, the world average in 2024 based on 174 countries is 56 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Venezuela - Labor freedom - Recent values chart

Historical chart
Venezuela - Labor freedom - historical chart - 2005-2024

The Labor Freedom index for Venezuela from the Heritage Foundation reflects the various aspects of the legal and regulatory framework of the labor market in Venezuela, including the minimum wage; laws inhibiting layoffs; severance requirements; and the regulatory burdens on hiring.
Definition: The Labor freedom index is composed of six quantitative factors: ratio of minimum wage to the average value added per worker, hindrance to hiring additional workers, rigidity of hours, difficulty of firing redundant employees, legally mandated notice period, and mandatory severance pay. The index is based on data collected in connection with the World Bank’s Doing Business study.

 Related indicators Latest value Reference Measure
 Property rights 0 2024 points
 Freedom from corruption 6 2024 points
 Fiscal freedom 37 2024 points
 Business freedom 31 2024 points
 Labor freedom 36 2024 points
 Monetary freedom 0.00 2024 points
 Trade freedom 42 2024 points
 Investment freedom 0 2024 points
 Financial freedom 10 2024 points
 Economic freedom, overall index 28 2024 index points
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