Venezuela raises minimum wage in fourth year of hyperinflation

Venezuela raises minimum wage in fourth year of hyperinflation


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Economy17 hours ago (May 01, 2021 06:00PM ET)

Venezuela raises minimum wage in fourth year of hyperinflation
© Reuters. FILE PHOTO: A man counts Venezuelan bolivar notes in downtown Caracas

CARACAS (Reuters) – The Venezuelan government increased the monthly minimum wage by 289%, an official said on Saturday, moving from the equivalent of 64 U.S. cents to about $2.40 at the exchange rate estimated by the country’s central bank.

Venezuela’s economy is in its fourth year of hyperinflation, its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.

Labor Minister Eduardo Pinate said the minimum salary would increase from 1.8 million bolivars to 7 million bolivars as of this month.

Pinate made the announcement at a Labor Day event broadcast on state television, adding that the food bonus state workers are slated to receive would also increase.

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