Home America Venezuela’s Maduro increases minimum wage by 30 pct
Venezuela’s Maduro increases minimum wage by 30 pct

Venezuela’s Maduro increases minimum wage by 30 pct

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Despite the harsh economic crisis in Venezuela, President, Nicolas Maduro has increased minimum wage by 30 percent to the equivalent of $4.30 at the black market exchange rate.

The country’s minimum wage in dollar is down by about a third with increase in September as roaring inflation and a depreciating currency eat away at salaries.

Maduro,says his government is victim of an economic war and wage increase is a sign of social responsibility.

The president released a new 100,000 bolivar note, more than two weeks of the new minimum wage.

The new monthly minimum wage as of Nov. 1 is 177,507 bolivars, compared with the previous minimum wage of 136,544.

Venezuela maintains currency controls that sell dollars at subsidized rate of 10 bolivars per greenback.

But the vast majority of citizens can only acquire them on the black market, where they currently fetch $41,290.

The steady decline in the black market exchange rate is more than 99 percent since Maduro was elected president in April 2013.

This has aggravate economic crisis and millions are struggling to survive.

 

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