Venezuela Rises Minimum Wage by 50% to Combat Inflation
Venezuela Rises Minimum Wage by 50% to Combat Inflation
Caracas - QNA
Venezuela's government has announced a 50% increase in the minimum wage and pensions amid runaway inflation.
President Nicolas Maduro said the move will protect jobs and incomes.
Maduro said he was raising the monthly minimum wage to 40,000 bolivars, about $60 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 program.
Venezuela's inflation rate, the highest in the world, has gutted the value of the bolivar. The country has been hit by low oil prices, its key export. It has also faced severe shortages of food, medicine and basic goods.
The International Monetary Fund said inflation will reach 1,600% this year.
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