Venezuela Raises Monthly Minimum Wage for Sixth Time in 2018
A worker counts 100-bolivar notes at an egg stand in Caracas.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
Venezuela’s President Nicolas Maduro ordered a 150 percent increase in the monthly minimum wage, the sixth hike this year, to 4,500 sovereign bolivars from 1,800.
The increase will go into effect Dec. 1, while the price for the Petro cryptocurrency will rise from 3,600 sovereign bolivars to 9,000, Maduro said on state television. The minimum wage is pegged to the Petro price. At the black market rate, the new minimum wage comes out to $9.50 per month.