An Important Minimum Wage Increase Helps Venezuelan Families
A Linked In article revealed the perseverance of the Venezuelan working class has incited positive change in the country’s government. Amidst several economic periods of increasing inflation, on May 1st, 2016, the people of Venezuela convinced their government to increase the national minimum wage.
This increase amounts to a 30 percent boost in minimum pay by employers in an economic climate that has been racked with recent stifling inflation rates. This increase gives working-class families in Venezuela the power to buy more, which will theoretically boost the country’s businesses and international trade position.
This new minimum wage increase will bring the average Venezuelan worker’s wage to about 9,649 bolivars per month. It completes a 52 percent increase over last year’s wages, but gives families the ability to combat hyperinflation that has caused an 80 percent loss in the value of the country’s currency.
Expert Jose Manuel thinks that no matter the outcome of the current economic conditions in Venezuela, minimum wage increases are an indicator that the country’s ruling powers are dedicated to the quality of life of every citizen. As international support contributes to the future of Venezuela’s economy, social concessions like minimum wage increases help every Venezuelan in the short term.