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Venezuela’s Maduro Starts Year With a 67% Minimum Wage Hike

  • President decrees hike from 150,000 to 250,000 bolivars
  • The new minimum wage pays for less than 1 kilogram of beef
Venezuela's Fallow Fields Amid Nation's Farm Crisis
Photographer: Fabiola Ferrero/Bloomberg

President Nicolas Maduro ordered a 67% increase in Venezuela’s monthly minimum wage, the first this year and the eleventh in the past 24 months.

The presidential decree, announced by pro-government lawmaker Francisco Torrealba on Twitter, boosts the minimum wage to 250,000 bolivars ($3.61 at the official exchange rate), up from 150,000 bolivars. In addition, workers will receive a food bonus of 200,000 bolivars, for a total minimum income of 450,000 bolivars, according to Torrealba’s publication of an image from an extraordinary edition of the Official Gazette dated Jan. 9.