Sat, 14 Dec 2019

The President of Venezuela Raises the Minimum Wage

Novinite.com
28 Apr 2019, 00:12 GMT+10

The new minimum wage covers only 1/10 of the cost of basic food products, reported NOVA TV.

Venezuelan President Nicolas Maduro doubled the minimum wage to the equivalent of about $ 8 per month in a situation of hyperinflation and a strong devaluation of the Bolivar national currency, France's press reported, quoted by BTA.

With a published yesterday's decree, the minimum wage increased from 18,000 Bolivaras ($ 3.46 to the official rate) to 40,000 Bolivaras ($ 7.69).

Maduro also resumed the payment with food coupons with single value of 25 000 bolvares (4.80 dollars).

The new minimum wage covers only one tenth of the cost of basic food products, according to the Senda NGO, which examines living standards. With this money, only about 4 kg of beef can be bought.

Venezuela is experiencing an unprecedented economic crisis. Currently, the country is experiencing acute shortages of medicines and essential products. For this year, the International Monetary Fund predicts hyperinflation of 10,000,000 percent. The entry into force of the US embargo on Venezuelan oil tomorrow will probably further aggravate the economic situation in the country. According to Maduro, economic sanctions have already caused $ 30 billion in damages to the economy, which receives 96 percent of its oil revenues.

Copyright (c) Novinite.com. Published with permission via Big News Network news agency

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