Venezuela increases minimum wage by 30%

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November 3, 2017 – Fort Russ News – Paul Antonopoulos

Venezuela increased the minimum wage by 30% after President Nicolas Maduro made an announcement on Wednesday with the increase coming into force on the same day.

The minimum wage will rise from BsF136,544 to BsF177,507, or the new wage being worth around US$16 at the official DICOM exchange rate, or US$4.3 on the black market. 

Maduro said the wage increase was urgent in the “arduous battle” against an “economic war” being waged against Venezuela by the United States.

“We must continue advancing the protection of our people … and build … the new economy with … the Venezuelan people, the Venezuelan working class, the new Venezuelan business community,” he said.

“Here in the middle of an economic situation we are expanding from the point of view of social protection,” he said.

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