Maduro hikes minimum wage in Venezuela
CARACAS (AFP) - President Nicolas Maduro announced on Monday that Venezuela's miniumum wage was being hiked by 10 per cent in a bid to keep up with Latin America's highest inflation rate.
At 56 per cent a year, this oil-rich yet economically turbulent Opec member state has the highest inflation rate across the Americas.
"I have decided to start January by implementing a salary increase of 10 per cent, effective in January," Mr Maduro said in an address to lawmakers at Miraflores presidential palace.
The government considers Venezuela's minimum monthly salary of (the equivalent in bolivars of) US$519 (S$658) a month Latin America's highest.