diff --git a/licenses.d2iq.yaml b/licenses.d2iq.yaml
index b4f2f3bcd..84a706a64 100644
--- a/licenses.d2iq.yaml
+++ b/licenses.d2iq.yaml
@@ -321,7 +321,7 @@ resources:
       - license_path: LICENSE
         ref: ${image_tag}
         url: https://github.com/vmware-tanzu/velero-plugin-for-aws
-  - container_image: docker.io/velero/velero:v1.11.0
+  - container_image: docker.io/velero/velero:v1.11.1
     sources:
       - license_path: LICENSE
         ref: ${image_tag}
diff --git a/services/velero/4.1.1/defaults/cm.yaml b/services/velero/5.0.2/defaults/cm.yaml
similarity index 98%
rename from services/velero/4.1.1/defaults/cm.yaml
rename to services/velero/5.0.2/defaults/cm.yaml
index 26f1e780c..cf6e663f7 100644
--- a/services/velero/4.1.1/defaults/cm.yaml
+++ b/services/velero/5.0.2/defaults/cm.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 kind: ConfigMap
 metadata:
-  name: velero-4.1.1-d2iq-defaults
+  name: velero-5.0.2-d2iq-defaults
   namespace: ${releaseNamespace}
 data:
   values.yaml: |
diff --git a/services/velero/4.1.1/defaults/kustomization.yaml b/services/velero/5.0.2/defaults/kustomization.yaml
similarity index 100%
rename from services/velero/4.1.1/defaults/kustomization.yaml
rename to services/velero/5.0.2/defaults/kustomization.yaml
diff --git a/services/velero/4.1.1/grafana-dashboards/kustomization.yaml b/services/velero/5.0.2/grafana-dashboards/kustomization.yaml
similarity index 100%
rename from services/velero/4.1.1/grafana-dashboards/kustomization.yaml
rename to services/velero/5.0.2/grafana-dashboards/kustomization.yaml
diff --git a/services/velero/4.1.1/grafana-dashboards/velero.json b/services/velero/5.0.2/grafana-dashboards/velero.json
similarity index 100%
rename from services/velero/4.1.1/grafana-dashboards/velero.json
rename to services/velero/5.0.2/grafana-dashboards/velero.json
diff --git a/services/velero/4.1.1/helmrelease/helmrelease.yaml b/services/velero/5.0.2/helmrelease/helmrelease.yaml
similarity index 95%
rename from services/velero/4.1.1/helmrelease/helmrelease.yaml
rename to services/velero/5.0.2/helmrelease/helmrelease.yaml
index fefbd571d..90e4f6d7a 100644
--- a/services/velero/4.1.1/helmrelease/helmrelease.yaml
+++ b/services/velero/5.0.2/helmrelease/helmrelease.yaml
@@ -11,7 +11,7 @@ spec:
         kind: HelmRepository
         name: vmware-tanzu.github.io
         namespace: kommander-flux
-      version: 4.1.1
+      version: 5.0.2
   interval: 15s
   install:
     crds: CreateReplace
@@ -24,7 +24,7 @@ spec:
   releaseName: velero
   valuesFrom:
     - kind: ConfigMap
-      name: velero-4.1.1-d2iq-defaults
+      name: velero-5.0.2-d2iq-defaults
   targetNamespace: ${releaseNamespace}
 ---
 # This ingress is needed to make Traefik configure an additional route
diff --git a/services/velero/4.1.1/kustomization.yaml b/services/velero/5.0.2/kustomization.yaml
similarity index 100%
rename from services/velero/4.1.1/kustomization.yaml
rename to services/velero/5.0.2/kustomization.yaml
diff --git a/services/velero/4.1.1/post-install/deployment_update-backupstoragelocation.yaml b/services/velero/5.0.2/post-install/deployment_update-backupstoragelocation.yaml
similarity index 100%
rename from services/velero/4.1.1/post-install/deployment_update-backupstoragelocation.yaml
rename to services/velero/5.0.2/post-install/deployment_update-backupstoragelocation.yaml
diff --git a/services/velero/4.1.1/pre-install/pre-install-job.yaml b/services/velero/5.0.2/pre-install/pre-install-job.yaml
similarity index 100%
rename from services/velero/4.1.1/pre-install/pre-install-job.yaml
rename to services/velero/5.0.2/pre-install/pre-install-job.yaml
diff --git a/services/velero/4.1.1/velero-post-install.yaml b/services/velero/5.0.2/velero-post-install.yaml
similarity index 91%
rename from services/velero/4.1.1/velero-post-install.yaml
rename to services/velero/5.0.2/velero-post-install.yaml
index d7a0a4512..6dd01970f 100644
--- a/services/velero/4.1.1/velero-post-install.yaml
+++ b/services/velero/5.0.2/velero-post-install.yaml
@@ -12,7 +12,7 @@ spec:
   wait: true
   interval: 6h
   retryInterval: 1m
-  path: ./services/velero/4.1.1/post-install
+  path: ./services/velero/5.0.2/post-install
   sourceRef:
     kind: GitRepository
     name: management
diff --git a/services/velero/4.1.1/velero-pre-install.yaml b/services/velero/5.0.2/velero-pre-install.yaml
similarity index 89%
rename from services/velero/4.1.1/velero-pre-install.yaml
rename to services/velero/5.0.2/velero-pre-install.yaml
index 696474ef9..c2a5471fd 100644
--- a/services/velero/4.1.1/velero-pre-install.yaml
+++ b/services/velero/5.0.2/velero-pre-install.yaml
@@ -9,7 +9,7 @@ spec:
   wait: true
   interval: 6h
   retryInterval: 1m
-  path: ./services/velero/4.1.1/pre-install
+  path: ./services/velero/5.0.2/pre-install
   sourceRef:
     kind: GitRepository
     name: management
diff --git a/services/velero/4.1.1/velero.yaml b/services/velero/5.0.2/velero.yaml
similarity index 91%
rename from services/velero/4.1.1/velero.yaml
rename to services/velero/5.0.2/velero.yaml
index cd67a1f72..0ec5813ac 100644
--- a/services/velero/4.1.1/velero.yaml
+++ b/services/velero/5.0.2/velero.yaml
@@ -12,7 +12,7 @@ spec:
   wait: true
   interval: 6h
   retryInterval: 1m
-  path: ./services/velero/4.1.1/helmrelease
+  path: ./services/velero/5.0.2/helmrelease
   sourceRef:
     kind: GitRepository
     name: management