Venezuelan President Nicolás Maduro announced on Wednesday a 103% increase in the total minimum wage in the context of hyperinflation that afflicts the South American revolutionary country.
“From today, workers will receive a full 103% increase,” Maduro told an event in Caracas to celebrate the first year of the Chamba Juvenil social program, which provides training and jobs for young people.
The minimum integral salary increased from 2,555,500 bolivars to 5,196,0000 bolivars, that is, from US $0.94 to US $1.92, according to the parallel market exchange rate, which governs most traders to prices.
May inflation reached 110% according to the National Assembly, which publishes monthly data since the Central Bank stopped doing so in 2015.
The International Monetary Fund (IMF) estimated that Venezuela will end this year with an inflation of 13.864% and a 15% drop in its Gross Domestic Product (GDP).
This comes as the revolutionary state faces immense pressure from the American Empire and its vassal states such as Colombia.
Maduro last week accused Colombia of preparing “incidents” aimed at creating an armed conflict between the two nations.
“A series of incidents and provocations of a military nature are being prepared by the Colombian government of Juan Manuel Santos from Colombian territory and within Venezuelan territory to generate an armed conflict between Colombia and Venezuela,” said the president.
Maduro made the remarks during an event at the Military Academy in Fort Tiuna, west of Caracas, with officers of the Bolivarian National Armed Forces.
The Venezuelan leader sent a message to Colombia’s military and police forces not to lend themselves to the “traps” of President Santos, who leaves office on August 7.
“[Santos] wants to leave a military conflict to do the favor of US imperialism against the independent and sovereign Bolivarian Republic of Venezuela,” Maduro said.
Likewise, the Venezuelan head of state said he trusted the Colombian military so they would not lend themselves to a “sibling conflict”.
In addition, he has asked the military corps of his country to raise their guard across the border and take intelligence measures to ensure peace throughout their territory.