Venezuela boosts minimum wage by 50 per cent

Embattled President Nicolas Maduro on raised the minimum wage by 50 per cent in Venezuela, a country with astronomical inflation.
Yesterday Maduro said he was raising the minimum wage to 40 bolivars, about 60 dollars at the highest official exchange rate, or USD 12 on the black market.
"To get the year started, I have decided to raise the minimum wage," the president sad on his weekly show on state television.
The wage comes with an additional food bonus of about 93 dollars, which did not change.
Venezuela grapples with the world's highest inflation rate -- set to hit 475 per cent this year, according to the International Monetary Fund.

As the Latin American country flounders through a devastating economic crisis, inflation has gutted the value of the bolivar.

Venezuela has been rocked by low prices for its key export, oil.
Now in its third year of a deep recession, it is facing severe shortages of food, medicine and basic household goods.
Maduro blames the crisis on a "capitalist conspiracy" backed by the United States.
His opponents say it was caused by the failure of 18 years of leftist policies under Maduro and Chavez.
Nearly 80 per cent of Venezuelans disapprove of Maduro's leadership, according to a recent survey by polling firm Datanalisis.