there is a 20% increase in Venezuela's minimun wage, bringing it to BS11.577.22 (US$1.837) a month, but with a 180.9% inflation and the food basket of Bs.106,752.72 ($16,944.88) in Jan. 2016, venezuelans situation is dire to say the least.
Pay rise of 30 percent comes amid runaway inflation and food shortages as socialist government hopes to calm tensions.
President Nicolas Maduro says the move will protect jobs and incomes. Critics say it may worsen the crisis. The International Monetary Fund says inflation will reach 1,600% this year.
Venezuela is the country with the world’s highest inflation, which the International Monetary Fund predicts will increase to 2,000 percent next year.
In nations such as Brazil, Colombia, Mexico, Ecuador and Bolivia, the average minimum wage will be USD $355 per month for 2018
Bolivian minimum wage rose 310 per cent since President Evo Morales took office in 2006, with an annually continuous increase in the interest of workers.