Venezuela’s labor sector remains waiting for the salary increase on May 1. In this regard, economist Asdrúbal Oliveros, director of Ecoanalítica, declared this Wednesday that this could happen through bonuses.

He indicated that in the midst of the campaign for the presidential elections on July 28, the Venezuelan government could show greater capacity to assume a salary increase for workers and pensioners, who are also on the minimum monthly income scale.

However, he made it clear that “the Maduro administration has rigidities due to the Labor Law that makes salary increases extremely expensive for everyone, including the Venezuelan State.”

According to Oliveros, during the four months of the presidential campaign, the government will authorize more bonuses through the Patria System, “putting more money on the street and generating an important stimulus for these months.”

The economist warned that a salary increase “as a legal concept in the public and private sector” requires a discussion of change on the Labor Law.

Double-digit economic growth

The specialist explained that double-digit economic growth is expected in Venezuela this year, accompanied by greater dynamism in some sectors of the economy. But he specified that “due to the current complex context, a shorter electoral campaign and the threat of sanctions from the United States, it is estimated that this year’s economic performance will be limited.”

“We expect a moderate economic growth of 4 %, which for an economy like the Venezuelan one needs to be larger and more permanent, since this does not ensure that the majority of the population is reflected in the context of growth,” Oliveros specified.

A modification in the United States sanctions against Venezuela, maintaining the operation of companies like Chevron, could allow a growth of 4 %. If sanctions become more serious, growth would be close to zero.

M.Pino

Source: eldiariodeguayana

(Reference image source: Unsplash+, in collaboration with JSB Co.)

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