Nicolás Maduro decrees salary raise of 122.2%

The raise of the petro, Venezuelan cryptocurrency, to 80,000 bolivars established the workers monthly income at 40,000 bolivares from April 16, as it was announced this Friday

The new monthly salary for Venezuelan workers was fixed on 40,000 bolivars, that is half of the value of petro – which passed form 36 to 80 thousand bolivars – according to Extraordinary Official Gazette number 6,452 dated April 25th.

Although the news on salary increase is normally announced on May 1st during the celebration of the International Workers Day, the government decided to release it this Friday, April 26th.

The Decree also establishes the increase of the food monthly bonus to 25,000 bolivars. The announcements apply, of course, to pensions holders. Public sector already handles the new salary table for qualified and non qualified workers, technicians and university professionals.

The raise represents 122.2%, but according to World Bank analysts workers salary in Venezuela is still the lowest one when converted into dollars; that is $ 7.69.

Global salary increase to 65,000 bolivars will speed up the raise of the price of goods and services all over the country. This makes worse the situation of the population already affected by financial crisis in Venezuela, hyperinflation and US sanctions to the country.


Source: BancayNegocios

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