Venezuela hikes minimum wage by 50 percent
Venezuela government headed by President Nicolas Maduro has announced a 50 percent hike in the minimum wage and pensions amid runaway inflation.
Speaking on his monthly TV and radio programme on Sunday, Maduro said the hike would protect jobs and incomes. While the ritics accuse him of mismanaging the economy.
“ I have decided to increase the minimum salary. As always this will include public workers, teachers, police officers, doctors and the army. This will be a 50 percent rise in salary and pensions starting from January,’‘ president Maduro said.
Maduro’s move raises the monthly minimum wage to just over 40,000 bolivars which are equivalent to 3804.103 Euro.
The country’s economy has been crippled by the world’s worst inflation, which has led to chronic shortages of food, basic goods and medicine.
The IMF says inflation in Venezuela will hit 1600 percent this year.