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.
www.reuters.com/world/americas/venezuela-raises-minimum-wage-fourth-year-hyperinflation-2021-05-01/