Venezuela’s living wage is tied to the digital state currency
Thus, the authorities intend to increase the level of salaries
06.03.2022 - 08:00
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What’s new? Venezuela President Nicolas Maduro has announced an 18-fold increase in the minimum monthly wage. Venezuelans are now paid around 126 bolivars ($28) and half their wages are pegged to the state cryptocurrency, petro. Maduro has instructed Vice President Delcy Rodriguez to negotiate with the private sector so that the workers will see a wage increase this month. The President of Venezuela stated:
“You proposed to set the workers’ basic minimum wage to half a petro, approved! And that pushes all salary tables upwards.”
What preceded it? Venezuela has experienced seven years of economic recession and hyperinflation. Last year, following Maduro’s decision to unofficially switch the economy to dollars, the country gained some economic stability. It has also managed to reduce the budget deficit by partially containing the salaries of civil servants.
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