Venezuela president boosts minimum wage by 155 per cent

Country in midst of economic crisis
|payroll-reporter.com|Last Updated: 05/03/2018
Venezuala
Venezuela's President Nicolas Maduro holds a banner showing the new minimum wage as he speaks during a news conference in Caracas, Venezuela, April 30. REUTERS/Marco Bello

CARACAS (Reuters) — Venezuela raised its minimum wage to 1 million bolivars (C$19.29) per month on Monday, the third increase this year.

President Nicolas Maduro's announcement of the 155 per cent rise — or 13 percent fall, in dollar terms — came three weeks before a presidential election. It accompanies a monthly food ticket now worth just over 1.5 million bolivars.

The once-rich OPEC country is in the midst of an economic crisis in which millions earn just a couple of dollars per month, suffer food and medicine shortages and battle soaring inflation.

Maduro blames an "economic war" waged against his government by Washington and the country's opposition. 

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