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VENEZUELA RAISES MINIMUM WAGE BY 30 PER CENT

May 02, 2016 | Uhuruspirit

Venezuela's President Nicolas Maduro





Venezuelan socialist President Nicolas Maduro has announced a 30-per-cent rise in the minimum wage, disregarding the country's deep economic crisis.

The increase, which come into force on May 1, the International Workers' Day, is intended to counter the effects of high inflation in the country which has seen several increases in the minimum wage and pensions in recent months.

The leader said that as of May 1, the minimum wage will jump to 15,051 bolivars per month (US$1,505), while the monthly food ticket to 18,585 bolivars (US$1,858).

This is the 12th increase made by Maduro, the move is intended to help people of Venezuela to cope with the economic war led by the right wing opposition.

"We made this to defend the Venezuelan people against the unconventional economic warfare led by the right-wing opposition to destabilize the country,” said the president in an address on state television.

Venezuela has been hit by the plunge on oil prices, the price per barrel of crude oil has dropped from US$108 to under US$35, a drop of nearly 75 percent.

This situation has affected Venezuela’s economy as oil revenue is needed to provide everything from basic services to the continuation of the social programs.

However the government of president Maduro has refused to implement austerity in order to protect people, but the drop has undeniably impacted the overall economy.



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