Venezuela’s President has ordered a 30 per cent increase in the minimum wage. This is the latest move by the socialist government to grapple with high inflation and economic stagnation.
The boost announced last night by President Nicolas Maduro comes after a 25 per cent increase on March 1 this year. The new increase is effective from the International Labour Day today.
Venezuela’s oil export-dependent economy shrank 5.7 per cent last year, shortages of basic goods multiplied and prices soared. The government has instituted rolling blackouts and state employees are working only two days a week to conserve electricity.