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.

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 can be found in Spanish at http://www.correodelorinoco.gob.ve/nacionales/presidente-aumenta-30-salario-minimo-a-partir-1ero-mayo/.

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

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