Venezuela requires a new wage setting system

The economist and academic Luis Oliveros pointed out, regarding the International Worker's Day this May 1, that in Venezuela a new system is needed to set the salary

The economist Luis Oliveros has indicated this Monday, after no adjustment was made to the workers’ wages, that in Venezuela a new system is required to set the amount earned by the working mass in the country.

According to Oliveros, it is necessary to increase what is needed; what a person needs to cover their basic requirements. The specialist indicated that a reference salary could be located at US$ 500. However, if the Venezuelan government is not able to reach that amount, “it can take it to US$ 50, US$ 80 or US$ 100.”

The academic also stresses that by taking the US$65 per month that workers in Venezuela earn on average to the World Bank metrics, this translates into just US$2 per day. “That is poverty,” Olivares said.

In the economist’s opinion, Venezuela has resources that could well be used to make a better salary adjustment, but there is a management problem. Hence, the need to find a new wage setting system that benefits the population.


Source: finanzasdigital

(Reference image source: Igal Ness, Unsplash)

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