InternationalPrint

Maduro boosts Venezuela’s minimum wage for 3rd time this year

by: Associated Free Press - July 3, 2017
43 Views   no discussions

Venezuelan president Nicolas Maduro (File photo)

CARACAS, Venezuela (AFP) — Venezuela’s President Nicolas Maduro on Sunday announced a 50 per cent increase in the monthly minimum wage to 97 bolivars, or about 37 dollars at the official exchange rate.

The increase is the third this year, following minimum wage pay raises of 50 per cent in January and 60 per cent 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 per cent.

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 economic crisis has been a major factor in three months of protests in which 89 people have died.