Sunday, May 22, 2011

VENEZUELA - The minimum wage increase

Venezuelan President Hugo Chavez announced on April 26, a higher minimum wage and pensions to help offset the rising cost of living before the presidential election of 2012. The minimum wage will be increased by 15% in May, rising to 10% in September. The amount will reach $ 360 per month and will be accompanied by food stamps.

"The president said he would be the highest minimum wages in Latin America, adding that this was not enough," reports the Venezuelan daily Panorama. Inflation in Venezuela is one of the highest in the world. From March 2010 to March 2011, prices rose by 27.4%.

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