Venezuela’s Maduro Hikes Minimum Wage Again, This Time by 275%
- President decrees increase from 40,000 bolivars to 150,000
- Latest hike is the third minimum wage increase this year
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Venezuela’s President Nicolas Maduro ordered a 275 percent increase in the monthly minimum wage on Monday, the third hike this year, as hyperinflation drains the value of workers’ salaries.
The minimum wage rose to 150,000 bolivars ($8) from 40,000, lawmaker Francisco Torrealba, a former labor minister and close ally to the socialist president wrote on Twitter on Monday. In addition, workers will receive a food bonus of 150,000 bolivars, he added. It’s the second time in a row the announcement has come via a lawmaker, rather than the president.