Venezuela’s Maduro Hikes Minimum Wage for Fifth Time in a Year
from Yahoo News:
CARACAS (Reuters) – Venezuela’s socialist President Nicolas Maduro announced on Sunday a 50 percent hike in the minimum wage and pensions, the fifth increase over the last year, to help shield workers from the world’s highest inflation rate.
The measure puts the minimum monthly salary at 40,683 bolivars – about $60 at the weakest exchange level under the state’s currency controls, or $12 at the black market rate.
“To start the year, I have decided to raise salaries and pensions,” he said on his weekly TV and radio program.
“In times of economic war and mafia attacks … we must protect employment and workers’ income,” added Maduro, who has now increased the minimum wage by a cumulative 322 percent since February 2016.
The 54-year-old successor to Hugo Chavez attributes Venezuela’s three-year recession, soaring prices and product shortages to a plunge in global oil prices since mid-2014 and an “economic war” by political foes and hostile businessmen.
But critics say his incompetence, and 17 years of failed socialist policies, are behind Venezuela’s economic mess.
They say the constant minimum wage hikes symbolize Maduro’s policy failures and fail to keep pace with real on-the-street price rises.
Venezuela’s inflation hit 181 percent in 2015, according to official data, though opponents say the true figure was higher. There is no official data for 2016, but most economists think inflation at least doubled from the previous year and will be worse again in 2017.
Venezuela’s opposition has said inflation was more than 500 percent in 2016, while the economy shrank 12 percent. The government has given no gross domestic product data for last year.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).