On May 1st, the Venezuelan government announced the increase in the minimum wage to a total of 10 million bolivares, as announced by the Minister of Labor, Eduardo Piñate.
On the eve of the celebration of Labor Day, Piñate assured that “as of May 1st, an increase in the minimum wage to seven million bolivars and the cesta ticket to three million bolivars comes into effect.”
On the other hand, the minister stressed that this increase will have an impact on the salary tables, and that he is currently working to approve all the collective agreements of the sectors of the Caribbean country.
The salary increase to 7 million bolivars announced this Saturday was published in the Official Gazette under decree No. 4,602, which also establishes the new amount that the pensions will have.
The increase to 10 million bolivars is equivalent to about 2.47 dollars, according to the exchange rate at that time, and together with the three million bolivars food bonus adds the legal minimum remuneration to 10 million, for a monthly salary of $ 3.54, the lowest wage in Latin America, according to analysts and specialized independent sources.