The Venezuelan government doubled the minimum wage to the equivalent of seven Euro in the month. However, in the case of an expected Inflation of several million percent of the will not improve the situation of citizens really.
Venezuela’s controversial President Nicolás Maduro has increased the minimum wage significantly. A decree laid down to the equivalent of around seven euros per month, more than twice as much as before. Instead of 18,000 Bolivar, the minimum wage is now at 40,000 Venezuelan Bolivar per month. The Amendment applies with retroactive effect to 16. April. In addition, a meal will be paid a grant of 25,000 Venezuelan Bolivar (about four Euro) per month.
Venezuela is in a serious economic crisis, Hyperinflation led to the drastic devaluation of the Venezuelan Bolivar. The International monetary Fund expects for the current year with an Inflation rate of ten million per cent. The government raises regularly the minimum wage. The latest increase is the second this year. In 2018, the President had increased the minimum wage six times, the dwindling purchasing power was not balanced.