Venezuela's president is ordering a 30 per cent increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation.
The boost announced yesterday night by President Nicolas Maduro comes after a 25 per cent increase on March 1.
The new increase is effective from today, which is International Labour Day, and will push the minimum wage to 15,051 bolivars a month. That is about USD 1,500 at the official exchange rate, but is around USD 50 at the current black market rate, which largely sets prices of goods for Venezuelans.
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.
