World Economy

Maduro Again Raises Minimum Wage

Maduro Again Raises Minimum Wage Maduro Again Raises Minimum Wage

Venezuela’s President Nicolas Maduro on Sunday announced a 50% increase in the monthly minimum wage to 97 bolivars, or about $37 at the official exchange rate, AFP reported. The increase is the third this year, following minimum wage pay raises of 50% in January and 60% in April. Even with those hefty pay raises, Venezuelans struggle to keep up with inflation, which the IMF says is expected this year to reach 720%. Venezuela has the world’s biggest oil reserves, but a collapse in energy prices has drained its revenues, prompting shortages of food, medicine and basic goods along with soaring violent crime and a stratospherically high inflation rate. The latest increase brings Venezuela’s minimum wage to 97,531 bolivars a month. That’s equivalent to $12.53, according to the unofficial but often used exchange rate of Official government exchange rates are considered overvalued. Including Venezuela’s equivalent of food stamps, the total pay package now rises to 250,531 bolivars, or $32.19 a month.


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