A Multi-Measure PBO Framework for Venezuelan Social Benefits under IAS 19

The actuarial valuation of Venezuelan social benefits should not be reduced to one severance liability. The legal rule requires a comparison between a guarantee benefit and a retroactive benefit. Under IAS 19, this legal rule must be converted into a projected, probability-weighted, and discounted defined benefit obligation. This article presents a multi-measure Projected Benefit Obligation (PBO) framework for Venezuelan social benefits. It defines the PBO of the guarantee, the PBO of the retroactive benefit, the PBO of the maximum benefit, the positive differential PBO, and the informational difference between retroactivity and guarantee. Each measure has a different meaning and a different use. The article defines the variables, gives the main equations, presents comparative tables and figures, and proposes validation controls for actuarial reporting and model governance.