Amid crumbling economy, Venezuela's Maduro raises minimum wage 30 pct

FOX News Latino ^ | May 2, 2015

[Oldeconomybuyer]

President Nicolás Maduro raised Venezuela's minimum wage Friday for the second time this year to help workers being battered by the world's highest inflation.

Speaking at a May Day rally, the socialist leader said he is boosting the minimum wage and pensions for retirees by 30 percent, with two-thirds of the increase coming this month and the rest on July 1. He also said he would raise salaries for government employees and military personnel.

The wage increase, while a welcome relief for many workers, fell short of expectations that the embattled Maduro might use Friday's celebrations to expand state control of the slumping economy.

The pay increase follows a 15 percent hike in January and will take Venezuela's minimum wage to 7,324 bolivars a month. That is about $1,162 at the country's official exchange rate but less than $30 at the black market rate widely used to set many prices.

[Caipirabob]

Why not? Socialists know where to get more money - just ask the unicorn!

[corkoman]

That is the plan. When the idiot predecessor invited in 30,000 Cuban operatives, I knew that Castro and company were planning the demise of Venezuela.

And now Dilma Roussef is importing these thugs as cuban "Doctors" into Brazil. Most likely to train her thugs to kill, maim, and intimidate the brazilian people into quiet compliance. Its not a very interesting hoax.

[Eric in the Ozarks]

They don’t teach economics in Cuba...

[M Kehoe]

That's good work.

Hey 0bama! When do I get my unicorn pooping Skittles?

Gotta make me a purple drank.

5.56mm

[RayChuang88]

Venezuela with its gigantic oil reserves should be one of the richest countries in South America, period. But their infatuation with Marxism is about to reduce that country to ruin—if it hasn’t done so already.

[SunkenCiv]

"You're welcome."

[elcid1970]

Venezuela has become little more than a Cuba with oil wells.

[Travis McGee]

Stuck on stupid.

[ExCTCitizen]

Did fast food workers there demanded it?

[dfwgator]

Note: That’s what Ceausescu did right before he was forced to leave town.

[GeronL]

Not even keeping up with inflation there