Venezuela raises the minimum wage threefold, but it's still not enough to buy a kilo of meat


Published: 2021-05-02 12:39

Last Updated: 2021-05-17 18:09

Source: Newsweek
Source: Newsweek

Saturday, the Venezuelan government announced a three-fold increase in the minimum wage. But the increase is still not enough to buy one kilo of meat, due to the country’s massive inflation crisis.

On the occasion of Labor Day, Labor Minister Eduardo Beniati told a gathering of regime supporters that the government had approved "increasing the minimum wage to seven million bolivars," equivalent to $2.50.

Thus, the government has raised the minimum wage by 288.8 percent.

The minister said that this salary is supplemented by food vouchers "worth three million bolivars," thus making "the minimum income 10 million bolivars."

However, this increase is not sufficient to improve the purchasing power of the citizen in a country that has been suffering for years under the weight of severe political, economic and social crises.

In a country whose economy is increasingly dependent on the dollar, the new minimum wage is not sufficient to buy one kilogram of meat, as the price of this commodity, which has become a luxury for many citizens, is $3.75 per kilogram.

The minimum wage is also not sufficient to buy an egg carton containing 30 eggs, nor is it sufficient to buy one kilogram of cheese, which currently costs 11 million bolivars.

"This is not the best news for workers on their holiday," economist Cesar Aristimonio told AFP, commenting on the decision to increase the minimum wage.

"It is certain that it will bring a little relief to many Venezuelans, but unfortunately what we will see is an increase in prices," he added.