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Venezuela nearly triples its minimum wage as hyperinflation enforces poverty
But though we had plenty of money, there was nothing our money could buy. ...
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Venezuela Raises Minimum Wage in Fourth Year of Hyperinflation
Monday, May 3, 2021
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 and its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.
... Dispatch continues below ...
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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.
The new base income of $2.40 plus the food bonus now represents $3.50, with which Venezuelans can buy a kilogram of cheese and a liter of milk. ...
... For the remainder of the report:
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