Venezuela triples wages but still not enough to get food
02 May, 2021
Venezuela almost tripled its minimum wage Saturday (May 1) but inflation is indeed outrageous that that sum of money won't even buy a kilo of meat.
Labor Minister Eduardo Pinate announced the raise to government supporters at a May Day rally in Caracas.
The new monthly minimum wage is seven million bolivares, which is the same as US$2.50. A kilo (2.2 pounds) of meat in Venezuela costs about US$3.75.
The once-wealthy oil producer is enduring its fourth year of hyperinflation and its own eighth year of recession.
Venezuela is now in the worst economic crisis of its modern history. Inflation is so bad that the everyday economy now works mainly in dollars.
The leftist government of President Nicolas Maduro is under international sanctions championed by america, which is pushing for his ouster and does not recognize him as the country's legitimate president.
Maduro has stopped announcing wage increases with much fanfare as was done in the times of his mentor and predecessor, the late socialist firebrand Hugo Chavez.
Actually, this latest raise had not been even published in the state government gazette.
Source: www.channelnewsasia.com