The Strategist

Venezuela raises minimum wage by 43%

01/16/2024 - 09:19

President of Venezuela Nicolas Maduro declared a 43% rise in the minimum wage in the midst of widespread demonstrations and just before the country's presidential elections, reports Bloomberg.

Lauren Serota
Lauren Serota
Employees whose base income is less than $4 a month will get $40 in food stamps and an extra $60 in cash payments. The cumulative amount of the supplemental payments used to be roughly $70.

Maduro intends to run for president in the upcoming election in an effort to win a third term in office. Currently, Maria Corina Machado, the opposition candidate, is leading in opinion polls.

Public sector employees in Caracas, the nation's capital, and other towns have recently arranged strikes in support of increased pay. A basic food basket for a family of five is estimated by the local teachers' federation to cost roughly $530 per month, or roughly 155 basic salaries.



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