Minimum wage raised in Venezuela amid excessive inflation
05/04/2015 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Venezuela – As the country deals with exceedingly high inflation, Venezuela has raised its minimum wage. The Associated Press (AP), reports that the country has increased wage minimum requirements by 30 percent and pensions for retirees.
President Nicolas Maduro recently made the announcement of the second minimum wage increase this year in an effort to help workers impacted by the declining economy. Two-thirds of the increase will become effective this month, and the remainder in July. Government employee and military salary salaries will also be raised.
Maduro stated during a rally of the issue, “Sometimes we don't see the face of the monster that wants to destroy the economy and irritate the people.”
The pay increase will reportedly set the minimum wage at 7,324 bolivars per month. That is the U.S. dollar equivalent of $1,162 at the official exchange rate in the country.
Last year, inflation in Venezuela totaled 69 percent. The amount was the world’s highest.
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