Venezuela's Maduro says minimum income will be $130 per month in bonuses

2/5/2024 12:03

        Venezuelan President Nicolas Maduro said on Wednesday that minimum income for workers will be $130 a month, without explaining what bonuses for public sector employees and pensioners will be included in that total or whether the monthly minimum wage will increase.
        
        Maduro announced the change amid demands by workers for salary increases, months ahead of presidential elections in which he is seeking a third term.
        
        Wage increases have failed to keep pace with double- and triple-digit annual inflation recorded over the past year. Consumer prices increased 67.75% year-on-year through March.
        
        The monthly minimum wage of 130 bolivares, equivalent to $3.5 at the official rate, has not been adjusted since March 2022, but the government has paid out bonuses to public sector employees and retirees, raising them to $100 in February of this year.
        
        Maduro's government this year has intensified efforts to bring inflation down to two digits, as it looks to slightly increase social spending ahead of the vote.