.- The minimum wage in Venezuela has been diluted, after the last increase that placed it at approximately $30 dollars.
The Venezuelan minimum wage today is equivalent to about $16.33 dollars, due to the constant devaluation that the bolivar has suffered. This places Venezuela as the nation with the worst minimum wage in Latin America.
The reason why the minimum wage in Venezuela can be reduced has to do with the devaluation of the bolivar against the dollar. The North American currency is the one used by Venezuelans to govern prices in the different markets.
This can be explained with the recent devaluation that occurred in August when $1 dollar was equivalent to six bolivars, however, a few days later it cost approximately eight. This in turn brought an increase in the value of the products that were marketed in the country.
Is Venezuela fixed?
Although Venezuela has experienced a sensation of slight economic growth, as can be seen on social networks, from thousands of opinions of Venezuelans residing in the country, it is still insufficient for many to live a dignified life in the oil nation.
The university professor and director of the Cendas-FVM, Oscar Meza ruled out that the economic growth, which has been recorded in recent months, has an impact on the quality of life of citizens.
“It is not true that organic growth (of the economy) has been achieved that can be translated into well-being. At least not by way of salary,” Meza said, thus contradicting the Chavista administration, which boasts of a great economic improvement.
The expert told EFE that this income, in addition to being the “lowest in Latin America”, is below the extreme poverty line by income range established by the World Bank, from $1.90 dollars a day, when it is $0.54 dollars.
In Venezuela, you must earn $15.68 dollars a day to pay for the basic food basket for a family of five, which in July stood at $470.44 dollars, according to the Center for Documentation and Social Analysis of the Federation. Venezuelan Teachers Association (Cendas-FVM).
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