Venezuela to Increase Minimum Wage Nov. 1

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By Molly Ward

Oct. 27—The monthly minimum wage in Venezuela is to increase by 40 percent to 27,091 bolivars from 22,576 bolivars Nov. 1, Venezuelan President Nicolas Maduro said speaking on state television Oct. 27.

In addition, the food bonus is to rise to 63,700 bolivars for a total monthly compensation of 90,811 bolivars ($138, at the weakest legal exchange rate).

The Nov. 1 increase would be the fourth minimum wage increase in 2016 and the 14th since Maduro became president in 2013.

The minimum wage was last increased by 50 percent in September.

To contact the reporter on this story: Molly Ward at mward@bna.com

To contact the editor responsible for this story: Michael Baer at mbaer@bna.com

For More Information

The news release on the state-owned television website can be found in Spanish at http://vtv.gob.ve/presidente-maduro-anuncia-cuarto-aumento-salarial-del-40/.

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

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