Venezuelan President Nicolas Maduro, in honor of Workers’ Day, which is celebrated in the country on May 1, decided to sharply raise wages.
The level of the minimum wage was increased by Maduro’s decree by almost 300% – from 1.8 to 7 million bolivars per month, which at the current exchange rate is equivalent to $ 2.5.
Prior to Maduro’s decree, the minimum wage for private and public sector workers in Venezuela was 64 cents a month.
For civil servants in honor of the first, the monetary size of food cards was also increased – from 1.8 to 3 million bolivars, that is, approximately $ 1.07.
As a result, in total, workers in the public sector will be able to receive about 10 million bolivars a month – this is about $ 3.6, which can buy a package of 30 eggs in Venezuela, Venezuelanalysis notes.
“We have worked hard to find the resources to raise salaries,” Maduro said during a May Day supporter event held behind closed doors in Caracas.
He again complained about the “blockade” of the Venezuelan economy by the United States, due to which the current inflation in the country reaches 3867%.
Venezuelan unions have rejected Maduro’s wage increases, calling it “outrageous” and “pyrrhic.” The UNETE confederation called on the government to “change its policy,” and the transport and agricultural workers union said such measures only worsen the situation with unemployment and inflation.
Over the past five years, Venezuela’s economy has collapsed 30% amid the collapse of a key industry that makes the country a part of world trade – crude oil.
Since 2016, the production of “black gold” in Venezuela has fallen more than fourfold – from 2.1 to 0.5 million barrels per day.