Monday, January 9, 2017

Maduro hikes Venezuela's monthly minimum wage by 50 pct.

Venezuelan President Nicolas Maduro announced Sunday that he has decided to raise the monthly minimum wage by 50 percent from 27,092 bolivares to 40,638 bolivares, the latter amount equivalent to about $60 at the official exchange rate of 678 bolivares per US dollar.

During his weekly television program, the president said that this salary hike is the first of the year but the fifth that he has ordered over the past 12 months, for a total annualized increase of 536 percent.

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