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Venezuela’s Maduro Announces 18-Fold Increase to Minimum Wage

  • Salary to be pegged to the petro, the official cryptocurrency
  • Country’s minimum wage was last raised in April 2021
Nicolas Maduro 
Nicolas Maduro Photographer: Gaby Oraa/Bloomberg

President Nicolas Maduro announced a 18-fold increase in Venezuela’s monthly minimum wage to roughly 126 bolivars ($28) by pegging it to the value of half a petro, the government’s cryptocurrency.

“You proposed to set the workers’ basic minimum wage to half a petro, approved!” said Maduro during a televised speech he gave before an assembly of 10,000 government workers. “And that pushes all salary tables upwards.”