World Economy

Venezuela Raises Minimum Wage

Venezuela Raises Minimum WageVenezuela Raises Minimum Wage

Venezuela’s president is ordering a 30% increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation, Reuters reported. The boost announced Saturday night by President Nicolas Maduro comes after a 25% increase on March 1. The new increase is effective Sunday, which is International Labor Day, and will push the minimum wage to 15,051 bolivars a month. That is about $1,500 at the official exchange rate, but is around $50 at the current black market rate, which largely sets prices of goods for Venezuelans.