The city of Caracas will host the 5th Social Dialogue Forum, which will take place on April 28 and 29, with the participation of representatives from the International Labour Organization, trade unions and other professional organizations, as well as government officials.

In addition to the ILO, “all the country’s trade union organizations will be participating, such as the CTV, ASÍ, CGT, and the Bolivarian Federation; as well as Fedecámaras and Fedeindustria, with government representatives in attendance.”

The last meeting of this body, created and promoted by the international organization, was two years ago, but it was abruptly suspended without any results.

For two days, three conventions directly related to wages in the country will be discussed:

1. Convention 26: Discussions on methods for establishing the minimum wage. This will examine the progress being made and whether it is being implemented.
2. Convention 87: concerning freedom of association, which will determine whether workers are being persecuted or harassed and whether they have the opportunity to express themselves freely.
3. Convention 144: which calls for a forum for social dialogue to discuss both labor laws and laws that affect the performance of the Venezuelan economy.

As May 1st approaches, the date on which the acting president, Delcy Rodríguez, is expected to announce the increase in the minimum monthly wage, the discussions are progressing, new proposals are emerging, and concerns are also being raised by employers.

Recent meetings between the Venezuelan government and the ILO aim to pave the way for better conditions for the working class, which demands a living wage that allows them to cover basic needs.

ILO representatives Corinne Vargha, Ana Virginia Moreira, and Ítalo Cardona described the recent release of a group of union members in the country as a positive sign.

 

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Una publicación compartida por Ministerio del Poder Popular para el Proceso Social de Trabajo (@mintrabajo_ve)

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The OPEC+ decision to increase its crude oil supply again on May 1 will likely be largely symbolic, according to analysts, due to the difficulty of implementing it because of the Iran conflict.

In fact, the organization has been unable to implement the April 1 increase due to the conflict in the Middle East, generating concern in the global energy market.

The planned May increase of 206,000 barrels per day was agreed upon on Sunday, April 5, in a teleconference by the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The eight countries issued a statement regarding the attacks on energy infrastructure in the Middle East, noting that “restoring damaged energy assets to full capacity is costly and time-consuming, affecting the overall availability of supply.”

In addition, the signatories expressed their stance on actions against “the security of energy supply, whether through attacks on infrastructure or the disruption of international shipping routes,” which contribute to market volatility and “weaken the collective efforts of the oil alliance to stabilize the market.”

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The president of Venezuela, Nicolás Maduro, announced this May 1 that he will hand over the Banco Bicentenario to the workers, which will also become the first digital entity in the history of the country.

In this regard, Maduro indicated: “A lot of work has been done to convert Banco Bicentenario into the first digital bank in the history of the country, it will be the digital bank of the working class. I give it to the workers to generate microcredits, loans, entrepreneurship, financial support, cards….”.

#Anuncio El presidente @NicolasMaduro informó que el Banco Bicentenario se convertirá en la primera entidad financiera digital de la historia del país. “Será el banco digital de la clase obrera”, y “se lo entrego a los trabajadores para generar microcréditos, préstamos, apoyo… pic.twitter.com/J7zmu0mVnq

— Prensa Presidencial (@PresidencialVen) May 1, 2024

Minimum comprehensive indexed income goes from 100 to 130 dollars

The announcement about Banco Bicentenario was made within the framework of the activities for International Workers’ Day. Regarding the expected salary increase of unions and other labor organizations, which have proposed that it be 200 dollars, the president indicated that the indexed minimum income goes from 100 to 130 dollars per month.

At the moment it is not known if the increase will occur through the Economic War bonus that is paid through the Patria platform, or through an increase in the Food Bonus, which companies pay monthly to their employees.

#Noticia El presidente @NicolasMaduro anunció el incremento del ingreso mínimo integral de los trabajadores a 130 dólares, “el mínimo, y que impacte crecientemente en la capacidad de los trabajadores, quiere decir, que este año, de enero a mayo, hemos impactado el 86% el ingreso… pic.twitter.com/TahYOl0a7V

— Prensa Presidencial (@PresidencialVen) May 1, 2024

Signing of the Housing Law

During the May 1 events, Maduro also signed the Law on the Housing and Habitat Provision Regime for Workers, a legal instrument that “guarantees more direct access for the worker to the allocation of housing.”

In relation to the issue, the president raised the goal of building two million more homes with the purpose of achieving seven million decent roofs and “putting organized workers, the working class, the CPT (Workers’ Productive Councils)”.

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On May 1st, Workers’ Day is celebrated. Nations remember labor demands, marches and declarations are organized, in a scenario marked by high unemployment rates, increase in informal work, use of AI to replace humans and pension reforms.

In January of this year, the International Labor Organization published its World Employment Report and Social Outlook: Trends for 2024. There it indicated that some 435 million workers would be looking for work in 2024.

In that document, the organization also showed that despite a reduction in the unemployment rate after the Covid-19 pandemic, “wages have decreased in most G20 countries, since positive results have not been possible” keep pace with inflation. According to the United Nations agency, the outlook is worrying and is unlikely to improve in the short term.

At a global level, the working force demands better salaries that allow them to cover their basic needs and escape precariousness. On the other hand, they request the creation of more jobs, taking into account that the world rate in this area could reach 5.2 % this year, according to the ILO report.

Low wages are widening the gap between the economic and social systems, marked by a worsening of citizens’ living standards.

The increase in the prices of goods and services and taxes, in addition to the conflicts generated by the restructuring of pension systems, keep workers on alert, who always end up at the least favored end of the production chain.

According to the ILO, one of the greatest challenges in the labor aspect is the equitable and fair transition towards a sustainable future, for which a greater effort by governments to improve the quality of life of the population through multilateral development funds is recommended. support for the most fragile economies, the creation of quality jobs, promotion of social inclusion, among others.

The use of new technologies, particularly Artificial Intelligence, is not foreign to labor discussions. Currently, AI is seen more as a threat to the stability of workers than as a help, given that thousands of people are being replaced by humanoid robots or digital systems that automate production chains in minutes. In this sense, the working masses focus on the ethical use of AI, the protection of jobs through a reorientation of the use of this technology and the timely discussion of a method of inserting humanoid robots that does not harm the race. human.

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The official dollar closes this Tuesday, April 30, at 36.47 bolivars, according to the publication of the Central Bank of Venezuela.

The BCV rate applies to transactions throughout the territory until the next update, on Thursday, May 2, taking into account that this Wednesday, the 1st of the month, is a holiday for the celebration of International Workers’ Day and there is no activity at the exchange tables of banking institutions.

Atención🔵|| El tipo de cambio publicado por el BCV es el promedio ponderado de las operaciones de las mesas de cambio de las instituciones bancarias. Al cierre de la jornada del día Martes 30-04-2024, los resultados son:#MercadoCambiario #BCV🇻🇪 pic.twitter.com/Xpz9tV2JnY

— Banco Central de Venezuela (@BCV_ORG_VE) April 30, 2024

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This Wednesday, May 1, banks in Venezuelan territory will not work due to the bank holiday corresponding to International Workers’ Day.

According to the official calendar of the Superintendency of Banking Sector Institutions (Sudeban), banking agencies will not provide service through the box office. However, all digital channels and ATMs will be operational for different types of transactions.

Customers will be able to make their transfers, mobile payments, pay or recharge services through the Internet. Another alternative this day will be ATMs that also allow cash withdrawals and deposits.

Telephone customer service is also another option that national banking users have to make balance inquiries and request assistance from qualified personnel, among others.

Sudeban invites citizens to use online banking during bank holidays from the comfort of home, through the channels established by each banking entity, in an easy and secure manner.

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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.

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This May 1, when International Worker’s Day is celebrated, there was no increase in the minimum wage in Venezuela, which remains at 130 bolivars; little more than $ 5 per month at the current rate of the Central Bank.

Instead of a salary increase, during the events scheduled for May 1, Nicolás Maduro indicated that an adjustment will be made to the cestaticket or food voucher, and the Guerra Económica bonus received by active and retired public administration workers, in addition to pensioners, through the Patria system.

Maduro pointed out: “We have been improving these months, but we have to continue working. The cestaticket will be increased to $ 40 and the Guerra Económica bonus to $ 30. To this we are going to apply the indexation, in addition to the salary that the working class already receives”.

The $ 70 of these increases will be indexed to the official exchange rate of the Central Bank of Venezuela, with which an amount below 1,500 bolivars is achieved.

It is important to note that the food basket is currently around $ 500 according to analysts from the Venezuelan Finance Observatory, who also place the country’s year-on-year inflation at 501 %.

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