What Is The Minimum Wage In Venezuela?
Venezuela has a minimum wage mandated by the government. No worker can be paid less than the mandatory minimum wage in Venezuela.
Employers in Venezuela who fail to pay the Minimum Wage may face punishment from the Venezuelan government.
The Venezuelan government increased the Statutory Minimum Wage three times in 2019. The minimum wage was raised to 18,000 bolivars per month in January 2019.
It increased to 40,000 bolivars per month in September 2019, and to 150,000 bolivars in October. The minimum wage was raised six times in 2018.
According to an official, the Venezuelan government increased the monthly minimum wage by 289% in 2021, from 64 cents to about $2.40 at the country's central bank's estimated exchange rate.
COPYRIGHT_HOOK: Published on https://thehooksite.com/minimum-wage-in-venezuela/ by Dr. Felix Chaosphere on 2022-10-18T02:27:57.686Z
Venezuela's economy is in its fourth year of hyperinflation, its seventh year of recession, and has been undergoing a slow and disorderly dollarization since 2019.
In the United States, the minimum wage is currently $7.37 per hour, though Trump has promised $13.73 per hour.
Because of the depreciation of the Venezuelan national currency, the bolivar, the people earn $7.73 per month in Venezuela.
Pinate made the announcement during a Labor Day event broadcast on state television, adding that the food bonus scheduled for state employees would also be increased in 2021.
The new base income of $2.40 plus the food bonus equals $3.50, enough to buy a kilogram of cheese and a liter of milk in Venezuela.
On the other end of the spectrum is Venezuela, where employees are only guaranteed a minimum wage of ten digital bolvares per month, or slightly more than two dollars per month, according to the Central Bank of Venezuela's exchange rate on January 3rd, 2022.
Even with increase in minimum wage, Venezuelans still struggle
A Reddit user shared minimum wage in Venezuela per month is 130 Bs or around 16 USD. Well, that's quite LOW... Don't you think?
Another person shared his experience: "I went to Venezuela this summer. I couldn't believe the prices at the grocery store...
It's as expensive as a western European country but you guys earn less than 100$ a month.
Everything costs a lot. The first meal I ate at a street food restaurant was a cachapa for 17$! How can anyone afford this with the Venezuelan economy. It's crazy."
The average monthly salary in Venezuela is around $25, which is shockingly low but is simply natural at this point. Renting makes paying all of your bills and purchasing necessities a little more difficult.
In Venezuela, employees are only guaranteed a minimum wage of ten digital bolivares, or slightly more than two dollars per month, according to the Central Bank of Venezuela's exchange rate on January 3rd, 2022.
The average wage for workers in Venezuela is $53, according to the OVF (Venezuelan Finance Observatory) in a survey of more than 300 companies. The average salary for professionals and technicians is around $100, while the average salary for company management is $216.
The government of President Nicolas Maduro raised the minimum wage in Venezuela twice in 2021, despite the country facing a coronavirus pandemic, a severe recession, and hyperinflation.