Monday, May 1, 2017

Venezuela's President Orders 60% Increase in Minimum Wages Amid Crisis

Venezuela's President Nicolas Maduro has ordered on Monday another 60-percent increase in minimum wages amid ongoing crisis, which would benefit government workers and the military, media reported.

 According to the BBC, the least-paid workers would receive now about 200,000 bolivars, which is $20,000 in accordance with official exchange rate and $50 at black market rate, apart of food substances.
This is the third increase of minimal wages since the beginning of the year.

In January 2016, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years, while up to 96 percent of Venezuela’s budget depends on oil revenues. In February, Venezuela's annual inflation rate passed the historic 2015 rate of 180-percent.

According to the International Monetary Fund, 2017 inflation rate in Venezuela could hit 720 percent.

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