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Venezuela President Maduro raises salaries by 30%, chasing inflation rate of 59.3%

Published on Apr 30, 2014 9:23 AM
 

CARACAS, April 30, 2014 (AFP) - Protest-hit Venezuela's President Nicolas Maduro on Tuesday raised minimum wage by 30 per cent, after a 10 per cent hike in January, chasing the country's 59.3 per cent inflation rate - Latin America's highest.

"I have decided on an increase in the national minimum wage and pensions of 30 per cent to get them where they need to be for life in our country," the President said, in an address to workers at the presidential palace.

Mr Maduro promised another increase for later this year. "I hope that by year's end, we will be choking off and overcoming... inflation," he stressed.

At the government-set exchange rate, the new minimum monthly salary would be the equivalent of US$657 (S$824) a month; but the black market rate for the greenback would give workers closer to US$67 a month.

 
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