Venezuela to increase minimum wage by 25%

09:39, April 28, 2011      

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The Venezuelan government will increase the minimum wage 25 percent from the beginning of May, according to a decree published in the Official Gazette on Wednesday.

The presidential decree includes both the public and private sectors and the rise will be implemented in two stages, with the first 15 percent rise to take effect in May and the last 10 percent taking effect from September.

With the rise Venezuelan workers will now have a minimum wage of 360 U.S. dollars a month, up from as before it was of 285 dollars.

President Hugo Chavez, during a public event announcing the salary increase on Tuesday, said it includes the remunerations system of employees from the public administration and the more than 1.8 million pensioners and retirees.

Political opponents to Chavez, however, consider that this measure will increase the country's inflation, which in Venezuela in 2010 reached 27.2 percent, making it the highest in South America. Venezuelan inflation in 2011 has been projected to drop to between 23 and 25 percent.

Source: Xinhua
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