Venezuela Increased Minimum Wage May 1

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By Molly Ward

May 3—The monthly minimum wage in Venezuela increased May 1 for the 12th time since Nicolas Maduro became president, to 15,051 bolivars ($1,506.61) from 11,577.81 bolivars ($1,158.94), a government news release said April 30.

Saturday's announcement comes after a 25 percent minimum wage increase that went into effect March 1.

The black market rate, which usually sets prices for goods in Venezuela, reportedly is significantly lower than the official rate.

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To contact the editor responsible for this story: Michael Baer at

For More Information

The news release can be found in Spanish at

More information on payroll issues in Venezuela can be found in the Venezuela country primer.