Venezuela Increases Minimum Wage to Less Than $4 on Labor Day

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Oscar Medina, Bloomberg News

Workers wearing protective masks pull a cart in the Petare neighborhood of Caracas, Venezuela, on Thursday, Sept. 3, 2020. After a dip in late August, Venezuela is seeing an uptick of daily cases as the country nears 50,000 infections. Photographer: Carlos Becerra/Bloomberg

Workers wearing protective masks pull a cart in the Petare neighborhood of Caracas, Venezuela, on Thursday, Sept. 3, 2020. After a dip in late August, Venezuela is seeing an uptick of daily cases as the country nears 50,000 infections. Photographer: Carlos Becerra/Bloomberg
, Bloomberg

(Bloomberg) — Venezuela increased the minimum wage to up to 10 million bolivars, Labor minister Eduardo Pinate said according to the ministry’s Twitter account.

The amount is equivalent to $3.54, according to the central bank reference exchange rate. The new minimum wage includes basic compensation of 7 million bolivars and 3 million bolivars of food vouchers.

The country has been suffering from hyperinflation since 2017, decimating the ability of most Venezuelans to purchase even the most essential goods — much less save.

The move was made on the May 1 Labor Day holiday.

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Source: BNN Bloomberg

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