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Venezuela raising minimum wage again, this time by 30%
Venezuela will raise the minimum wage by 30% on 1 May, President Nicolas Maduro has announced. He said he would also raise pensions by the same amount. The minimum wage would go up from 3,270 bolivars ($520; "310) to 4,252 bolivars. The increase is below the level of annual inflation, which official figures put at 56.2% for 2013.The announcement comes after almost three months of mass protests against Mr Maduro's government triggered by rising inflation, shortages of some basic goods and a high crime rate. In an address to workers from different key sectors, Mr Maduro said he hoped that "by the end of the year, we will be choking off and overcoming (...) inflation". The increase comes just months after the government raised the minimum wage by 10%. Critics say that while the new minimum salary amounts to $675 at the government-set exchange rate, it adds up to little over $67 at the black market rate. They say strict currency controls have only increased the shortage of dollars available in the country and driven up their price further. Opposition leader Henrique Capriles said the 30% raise was "insufficient" and that a real improvement would only be achieved if wages were lifted above the level of inflation. The president also did not rule out another raise in the last trimester of the year, at which point he promised to "re-assess" wages. Posted by: Pappy 2014-05-04 |
| http://www.rantburg.com/poparticle.php?ID=390540 |