Topic: Enjoy comunism: Venezuela raises monthly minimum wage to $2.40 - page 5. (Read 748 times)
Even though the rise is too huge its still not a logical thing which is going to help the workers so government should concentrate on bringing more investment opportunities and employment opportunities then simply rising the values, again the government raised it with a single sign but who is going to pay the money the fellow citizen not the government so there should be a change should occur if they want to overcome this crisis.
I am sure that Venezuela will be able to overcome this crisis day by day. they are starting to rise from their downturn, their leaders already know how to deal with the risks of the economic crisis that befell Venezuela. So the role and regulations that have provided an increase in wages in Venezuela become a new hope so that in the future it can be even better. there has always been a reformer from every decade of government in Venezuela. we who are outside Venezuela continue to fully support this achievement. We always hope that Venezuela will be equal with other developing countries in the future.
Lastly, one can see that increases in the minimum wage have gone hand in hand with the loss of purchasing power.
Yeah well, what do you think has been happening in slow motion in the US and other countries over the past century or more? Prices rise, wages rise in step (sometimes). Workers in 1906 could buy a meal at a restaurant for $0.25 but some made about $1/day. And look at today's prices and wages in the average American city. Anyway, it's sad to see Venezuela getting hit this hard. The thing I'm wondering is whether Venezuelans are actually using that shitty currency or are using something more stable (like the USD or some other relatively local currency). I can't imagine anyone there would want to save money in the form of a currency that's hyperinflating. They'd either spend it as soon as they get it or trade it for dollars (or crypto even).Any Venezuelans here who could shed some light as to what the reality is there? I've asked that before in a couple of other threads about Venezuela, but I don't think I ever got any replies. Has there been an increase in crypto adoption as has been claimed on a bunch of Youtube videos or is that just BS?
President Nicolas Maduro has raised minimum wage. Again:
Venezuela raises minimum wage in fourth year of hyperinflation
"The Venezuelan government increased the monthly minimum wage by 289%, an official said on Saturday, moving from the equivalent of 64 U.S. cents to about $2.40 at the exchange rate estimated by the country's central bank.
Venezuela's economy is in its fourth year of hyperinflation, its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.
Labor Minister Eduardo Pinate said the minimum salary would increase from 1.8 million bolivars to 7 million bolivars as of this month.
Pinate made the announcement at a Labor Day event broadcast on state television, adding that the food bonus state workers are slated to receive would also increase.
The new base income of $2.40 plus the food bonus now represents $3.50, with which Venezuelans can buy a kilogram of cheese and a liter of milk."
So, three comments here: first, Venezuelan workers are millionaires but in terms of a crappy currency that is losing value at a much faster rate than the dollar, which is saying something. Second, with that money they can buy just a liter of milk, for the whole month. This would be laughable if it wasn't so tragic. Lastly, one can see that increases in the minimum wage have gone hand in hand with the loss of purchasing power.
I've read somewhere that he has raised the minimum wage more than 40 times since he is in power but I can't find the exact source. According to the following source, however, he raised it 21 times between April 2013 and March 2018:
President announces new increase in minimum wage (March 2018)
This is the result of measures that were sold in favor of the poor and that have ended up making them much poorer, causing more than 5 million of them to emigrate from the country:
Venezuela exodus set to top 5 million as long-term needs grow, officials say
Those who have remained in the country suffer from power outages, shortages, violence and hunger:
Venezuela Drifts Into New Territory: Hunger, Blackouts and Government Shutdown
As Venezuela Collapses, Children Are Dying of Hunger
How Hunger Fuels Crime and Violence in Venezuela
Here we can see how simple thoughts that in principle are sold as beneficial, end up being a disaster. Are there people with low wages? We raise the minimum wage. Do we need more money? Let's print more. Again, this would be laughable if it weren't so tragic. It should be remembered that Venezuela has the largest oil reserves in the world, as well as deposits of gold, diamonds and other raw materials. Well managed, this would provide the majority of the population with a more than decent quality of life. Norway, for example, with socialidemocrat governments, set up a sovereing wealth fund in 1990 to invest the profits from oil and gas exploitation, which has resulted in the world's largest fund from which all its citizens benefit.
I would like to finish saying that I hope the Venezuelans will do well in the future, but I think they are in for a tough time.
Venezuela raises minimum wage in fourth year of hyperinflation
"The Venezuelan government increased the monthly minimum wage by 289%, an official said on Saturday, moving from the equivalent of 64 U.S. cents to about $2.40 at the exchange rate estimated by the country's central bank.
Venezuela's economy is in its fourth year of hyperinflation, its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.
Labor Minister Eduardo Pinate said the minimum salary would increase from 1.8 million bolivars to 7 million bolivars as of this month.
Pinate made the announcement at a Labor Day event broadcast on state television, adding that the food bonus state workers are slated to receive would also increase.
The new base income of $2.40 plus the food bonus now represents $3.50, with which Venezuelans can buy a kilogram of cheese and a liter of milk."
So, three comments here: first, Venezuelan workers are millionaires but in terms of a crappy currency that is losing value at a much faster rate than the dollar, which is saying something. Second, with that money they can buy just a liter of milk, for the whole month. This would be laughable if it wasn't so tragic. Lastly, one can see that increases in the minimum wage have gone hand in hand with the loss of purchasing power.
I've read somewhere that he has raised the minimum wage more than 40 times since he is in power but I can't find the exact source. According to the following source, however, he raised it 21 times between April 2013 and March 2018:
President announces new increase in minimum wage (March 2018)
This is the result of measures that were sold in favor of the poor and that have ended up making them much poorer, causing more than 5 million of them to emigrate from the country:
Venezuela exodus set to top 5 million as long-term needs grow, officials say
Those who have remained in the country suffer from power outages, shortages, violence and hunger:
Venezuela Drifts Into New Territory: Hunger, Blackouts and Government Shutdown
As Venezuela Collapses, Children Are Dying of Hunger
How Hunger Fuels Crime and Violence in Venezuela
Here we can see how simple thoughts that in principle are sold as beneficial, end up being a disaster. Are there people with low wages? We raise the minimum wage. Do we need more money? Let's print more. Again, this would be laughable if it weren't so tragic. It should be remembered that Venezuela has the largest oil reserves in the world, as well as deposits of gold, diamonds and other raw materials. Well managed, this would provide the majority of the population with a more than decent quality of life. Norway, for example, with socialidemocrat governments, set up a sovereing wealth fund in 1990 to invest the profits from oil and gas exploitation, which has resulted in the world's largest fund from which all its citizens benefit.
I would like to finish saying that I hope the Venezuelans will do well in the future, but I think they are in for a tough time.
Jump to: