Caracas, May 2 2008 (venezuelanalysis.com) – Waving red flags and pro-revolution banners “against imperialism” and for “socialism and peace” more than 300,000 workers marched in Caracas on Thursday to celebrate May 1, the International Day of Workers Struggle. The rally also celebrated a decree by Venezuelan President Hugo Chavez increasing the minimum wage by 30% giving Venezuela the highest minimum wage in Latin America.
A day earlier, at a special ceremony to swear in the new Minister of Labor Roberto Hernandez at the Teresa Carreño Theatre, Chavez announced a 30% salary increase in the minimum wage from Bs.F 615 (US$286) to Bs.F. 799 (US$371.6) per month, to take effect from May 1.
If the Cesta ticket (food subsidy) is included, minimum monthly earnings reach Bs.F. 1.199 or US$557; more than double the Latin American average the president added. The measure directly affects 5 million workers or approximately 20% of the population.
In addition to the increase in the minimum wage, Chavez also decreed a 30% wage increase for all public sector workers. The government expects the measure to spark demands for wage increases in the private sector.
To offset inflationary pressures from the wage increase Chavez said the government would issue ‘Worker’s Bonds’ with high interest returns in order to encourage saving and soak up excess liquidity in the economy. The government is also considering other anti-inflationary policies, but not at the expense of workers he said.
More on the story.
1 comment:
Good to see a Country doing so well as the US is in a recession. God doesn't like Evil so we know who's got God's blessing. Well at lease Americans have that Bush rebate check. If a person in Venezuela made 40,000 dollars with a 30 per cent raise that's 12,000 dollars extra. sweet! All Americans get is a higher gas price which is going higher every day.
Post a Comment