Venezuela minimum wage to rise by 50%
Venezuela’s government has announced a 50% increase in the minimum wage and pensions amid runaway inflation.
President Nicolas Maduro says the move will protect jobs and incomes. Critics say it may worsen the crisis.
The opposition accuses Mr Maduro of mismanaging oil-rich Venezuela’s crumbling economy. But he says he faces an economic war by political foes and hostile businessmen.
The International Monetary Fund says inflation will reach 1,600% this year.
Mr Maduro said he was raising the monthly minimum wage to 40,000 bolivars, about $60 (£49) at the highest official exchange rate, or $12 on the black market.
It is the fifth increase in one year. The measure would benefit public workers, the armed forces and pensioners, he said.
“In times of economic war and mafia attacks… we must protect employment and workers’ income,” he said on his weekly television and radio programme.
the slaves were restless..this will appease them for a while..
“The International Monetary Fund says inflation will reach 1,600% this year.”
wow..banana republic..what a surprise..