Piñate said on TV during the Labor Day celebrations that the minimum monthly wage will increase to seven million bolivars from 1.8 million bolivars this month. In terms of dollars, according to the exchange rate of the central bank, the wage will rise to about 2.4 dollars (52 crowns) from about 64 cents (14 crowns). The food bonus earned by civil servants will also increase.
The new basic income, which consists of the minimum wage together with the food bonus, will amount to $ 3.5 (75 crowns). In return, Venezuelans can buy a kilogram of cheese and a liter of milk, Reuters reported.
The government of President Nicolas Madur has raised the minimum wage twice this year. Two years ago, the government relaxed control of the economy and made it possible to increase the volume of transactions in foreign currencies. However, many workers still receive wages in local currency, which are losing value.
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