Monday, January 9, 2017

Venezuelan leader unveils 50 pct minimum wage hike

Venezuelan President Nicolas Maduro on Sunday announced a 50-percent increase in the minimum wage to help public-sector workers cope with runaway inflation.

"I have decided to increase the minimum wage...of civil servants, as of January," Maduro said during his weekly radio program.

The decision raises the basic monthly income from 27,091 bolivares (41.04 US dollars) to 40,638 bolivares (61.57 dollars).

The fifth increase since January 2015 aims to tackle high prices driven by inflation, whose rate hit 180 percent in 2015.

Workers' salaries are further boosted with food subsidies and other benefits.

The increase "is fair and continue to protect jobs, stability, the right to work, to an income and to pensions," said Maduro.

Venezuela's economic crisis was sparked by plummeting oil prices and exacerbated by a political power struggle between the ruling socialist party and conservative opposition forces, who control the congress.

The stalemate has led to shortages in basic good, hoarding and price gouging, among other economic ills.


No comments :

Post a Comment

Only News

Featured Post

“The U.S. must stop supporting terrorists who are destroying Syria and her people" : US Congresswoman, Tulsi Gabbard

US Congresswoman, Tulsi Gabbard, recently visited Syria, and even met with President Bashar Al-Assad. She also visited the recently libe...

Blog Widget by LinkWithin