Maduro Again Raises Minimum Wage
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 dolartoday.com. 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.


Short URL : https://goo.gl/pHPmh9
  1. https://goo.gl/xp1FQK
  • https://goo.gl/7nLFGw
  • https://goo.gl/4WfdsP
  • https://goo.gl/nkYoCn
  • https://goo.gl/KnqKqF

You can also read ...

World GDP is expected to advance 3.5% in 2017—its best year since 2011—and 3.7% in 2018.
Nearly 10 years after the financial crisis brought the global...
The OECD believes that tax evasions cost governments around the world as much as $240 billion a year in lost revenue.
They have revolutionized the way people live, but are US tech...
Supporters of EU-Mercosur Free-Trade Pact Push for Deal
Supporters of a free trade pact between the EU and the...
Few Signs of Progress in NAFTA Talks
Negotiations in Mexico to update NAFTA have not made much...
Kuwait Needs $100b Over 5 Years to Cover Deficit
Kuwait will need $100 billion of additional financing over the...
China to Help Shortfalls in Pension Funds
China on Saturday announced a pilot program to help pension...
Goldman Predicts Four Rate Hikes in US
The US economy is heading into 2018 with strong momentum that’...
Emmanuel Macron (L), French Labor Minister Muriel Penicaud (C) and Jean-Claude Juncker.
The EU is trying to present itself as more socially just,...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.