Saturday, June 10, 2023

Maduro does not raise the minimum wage, but announces adjustments to bonuses and tax reform

Nicolas Maduro, the Venezuelan President, issued a message to the nation this Monday, May 1, in celebration of Labor Day. The head of state announced an adjustment of $ 60 to the amount of two bonuses paid monthly to the population. However, he did not mention an expected increase in the minimum wage, so it remains at 130 bolivars, or about $5.2.

In this way, bonuses for the purchase of food and another called economic war bonds, which supplement the minimum wage, would be readjusted. Food Support increased by $15 and War Support will increase by $15 or $20. “How to reform the legal minimum income? Here’s a proposal they gave me, increase the income setstatic which will be updated from time to time at the exchange rate published by the Central Bank”, noted the Chairman from the class o’leary,

The last wage revision announced by the country’s authorities was in March 2022, when the last increase of 130 bolivars, which is currently equivalent to $29.68, was ordered. In the face of this, workers in the education, health and other public sectors have held weekly protests in recent months to protest the delay in the hike.

in just over a year, minimum wage in venezuela It was cut by 83%, to about $5 a month, which mainly affected pensioners and public sector workers.

On the other hand, the annual inflation till April was 501% Venezuelan Finance Observatory (non-governmental), organization that monitors economic indicators in the absence of official data. According to the same organism, a basket of 60 food items costs about $510 for a family of five.

World Nation News Desk
World Nation News Desk
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