Daily Management Review

Venezuela raises minimum wage by 300%


01/15/2019


Venezuelan President Nicolas Maduro announced an increase in the minimum wage in the country by 300%. As a result, it will grow to 18 thousand Bolivars (about $ 6.52) from 4.5 thousand Bolivars, according to Al Jazeera. During 2018, the minimum wage rose five times.



Michael Francis McCarthy via flickr
Michael Francis McCarthy via flickr
Maduro also promised to stabilize the economy of the country, the size of which has halved over the past five years of recession. Inflation in Venezuela has recently been about 2 million percent. Residents of the country are experiencing a shortage of food and medicine, which has led to the departure of 3 million people from the country over the past three years.

“This is not the first time that President Maduro announces changes,” said Venezuelan analyst Ramón Piñango. “Unfortunately, these changes tend to accelerate inflation. We already know that the prices are rising the next day after such announcements. People are facing hyperinflation and deficiency."

Maduro, whom the opposition has accused of destroying democracy in Venezuela, on January 10 officially stepped in for the second presidential term, which will last until 2025. According to official figures, he received 68% of the vote in the elections in May 2018. The turnout was less than 50%. Most of the opposition boycotted the elections and did not recognize their results. The European Union, the United States and most Latin American countries aren’t reckognizing the re-election Maduro either.

The National Assembly (Parliament) of Venezuela considers Maduro’s second presidential term illegitimate. On January 11, Parliament Speaker Juan Guaido announced his readiness to assume presidential powers and called on fellow citizens for mass protests against Maduro.

source: aljazeera.com






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