As in many countries worldwide, the costs of the basic elements of the family basket increase each year, while the minimum salary it is less and less sufficient to cover the necessary expenses. In some Latin American countries, it has been decided to increase the minimum wage in the year 2023 and workers in Venezuela they want a similar measure implemented, as their minimum wage is among the lowest in the world. Keep reading because here you will find all the necessary conditions and the additional amount that should be charged if the increase is approved.
The increase in the minimum wage is one of the most anticipated news in Venezuela in recent months, in the midst of the acute economic crisis that affects the income of millions of households. Despite this, Nicolás Maduro did not rule on the matter, nor did he make changes to working conditions.
What do you know about the Minimum Wage Increase?
The president of Venezuela, Nicolás Maduro, called on workers across the nation to take to the streets to protest against the sanctions imposed by the United States. In addition, he pointed out on Twitter: “We will always defend the full salary of the workers of Venezuela. We will give birth to the resources to continue investing in health, education and housing”.
On the other hand, a message was released on WhatsApp revealing that the country’s minimum wage would be raised to 780 bolivars, equivalent to $32.03, as of March 2023. However, the Maduro regime has not yet announced a salary adjustment.
The president of Fedecámaras, Carlos Fernández, pointed out that it will depend a lot on what scheme the private sector and the public sector are allowed to make the remunerations effective. Likewise, he indicated that a different approach to solutions to the country’s problems should be sought and “stop fighting the issue with monetary policies, but rather with policies to stimulate supply and demand.”
How much is the current Minimum Wage?
According to the Central Bank of Venezuela (BCV), the current minimum wage is equivalent to 6.14 dollars. Public sector workers, workers, teachers and even retirees and pensioners have joined the protests to demand an increase in dollars and better working conditions in their institutions. If the increase in the minimum wage in Venezuela is approved, this income would amount to 50 dollars.
What does the Constitution say about the Increase in the Minimum Wage?
The Constitution of Venezuela is clear: the minimum wage must cover the basic food basket. But if this mandate is met, the increase in the minimum wage should be around 500 dollars, something that has already been declared impossible, according to Jorge Roig, former president of the Federation of Chambers and Associations of Commerce and Production of Venezuela (Fedecámaras). .
When would you announce the increase in the Minimum Wage in Venezuela?
The president of Fedecámaras, Carlos Fernández, revealed that the increase in the minimum wage in Venezuela this 2023 could take place on May 1. This date is tentative since it is ‘Labor Day’ and important announcements are always made on that date, it is possible that the increase will take place that same day.
What do workers demand in Venezuela?
During the demonstrations, workers in Venezuela have called for an increase in the minimum wage to $50. “The workers demand salaries and pensions indexed to the cost of the basic food basket. We are not going to accept the agreement between Fedecamaras and the Government that violate our rights to have a decent salary”, said the spokesperson for the Colegio Enfermería dto. Capital, Ana Rosario Contreras.
Likewise, according to data from the Center for Documentation and Social Analysis of the Federation of Teachers (Cendas), “a Venezuelan family of five people needed, last December, 63.24 current minimum wages, about 400 dollars, at the exchange rate current, set at 20.52 bolivars per dollar, to pay for the Basic Basket”.