Maduro increases the minimum wage by another 40%... by dictate. Again.

[GatoGordo]

Nicolás Maduro, President of the Republic, announced on Sunday from the Miraflores Palace on national chain a 40% increase in both the minimum wage and pensions.

Maduro indicated that the base salary goes from 177,507 bolivars to 248,510 bolivars. The Cestaticket also rose from 279,000 bolivars to 549,000 bolivares, which gives a total of Bs 797,510 for the integral minimum wage.

https://dolartoday.com/ultima-hora-maduro-aumento-40-el-salario-minimo/

A +250% increase in the minimum wage in one year. Not bad... but only about a +2000% increase in the cost of living. He really ought to just match it to the hyperinflation Venezuelans are so enjoying and then he wouldn't have to bother with these speeches every other month... he'd just have to print larger and larger denomination of worthless currency fewer and fewer people and businesses are accepting.

BTW... in the last 24 days, the price of 2 liters of milk has tripled... 59,500 bolivars to 165,000 Bs... just under the (previous) monthly minimum wage.

http://www.caraotadigital.net/economia/el-precio-de-la-leche-liquida-de-dos-litros-se-triplico-en-tan-solo-24-dias/

[Loki Liesmith]

1. That will definitely work

Sure