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Montevideo, November 20th 2018 - 08:34 UTC

Maduro announces 30% increase in the minimum wage

Monday, May 2nd 2016 - 05:56 UTC
Full article 4 comments
The new minimum is equivalent to US$ 1.500 at the official exchange rate, but around US$ 50 at the current black market rate The new minimum is equivalent to US$ 1.500 at the official exchange rate, but around US$ 50 at the current black market rate

Venezuela's president Nicolas Maduro has ordered a 30% increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation.

 The boost announced by Maduro comes after a 25% last March first and is extensive to the central administration, Justice Branch and “our brothers in arms”, in reference to the armed forces.

During the speech Maduro also mentioned that no government in Venezuela history had given implemented so many increases to the minimum wage, to the benefit of the working class and the dispossessed.

The new increase effective Sunday, which is International Labour Day, will push the minimum wage to 15,051 bolivars a month. That is about US$1,500 at the official exchange rate, but is around US$50 at the current black market rate, which largely sets prices of goods for Venezuelans.

Venezuela's oil export-dependent economy shrank 5.7% last year, shortages of basic goods multiplied and prices soared. The government has instituted rolling blackouts and state employees are working only two days a week to conserve electricity.

Categories: Economy, Politics, Venezuela.

Top Comments

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  • Troy Tempest

    Ridiculously small wages, and now, shorter work weeks...

    No Venzla gov in history has given so many wage increases ?

    No Venzla gov has ever been responsible for so much inflation.

    May 02nd, 2016 - 06:42 am 0
  • Skip

    30% more of worthless is still worthless.

    May 02nd, 2016 - 08:14 am 0
  • Clyde15

    Where is the money coming from ?

    May 02nd, 2016 - 09:02 am 0
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