06/21 Closing Prices / revised 06/21/2024 21:59 GMT |    06/20 OPEC Basket   $85.68  +$0.14 cents 06/21 Mexico Basket (MME)  $76.19  -$0.28  cents | 05/31 Venezuela Basket (Merey)  $70 45   -$4.36 cents | 06/21 NYMEX WTI Texas Intermediate July CLN24 $80.73  -$0.56 cents  | 06/21 ICE Brent August  BRNQ24 $85.24  -$0.47 cents  | 06/21 NYMEX Gasoline July RBN24 $2.51  +0.5%  |  06/21 NYMEX  Heating Oil July  RBN 24   $2.49  -1.3% | 06/21 Natural Gas July NGN24  $2.71   -1.3%  | 06/21 Active U.S. Rig Count (Oil & Gas)   588  -2  | 06/21 USD/MXN Mexican Peso   18.1130 (data live)  | 06/21 EUR/USD   1.0693  (data live)  | 06/25 US/Bs. (Bolivar)   $36.37250000 (data BCV)

Venezuela Boosts Minimum Wage by 43% to Quell Growing Protests – Bloomberg

Demonstrators during a protest in support of public sector workers outside the Public Ministry of Venezuela headquarters in Caracas, on Jan. 9, 2024. Photographer: Gaby Oraa/Bloomberg
Minimum monthly pay raised to the equivalent of $100. Socialist government pressured by public sector workers. Demonstrators during a protest in support of public sector workers outside the Public Ministry of Venezuela headquarters in Caracas, on Jan. 9, 2024. (Gaby Oraa/Bloomberg)

Andreina Itriago Acosta and Fabiola Zerpa, Bloomberg News

EnergiesNet.com 01 16 2024

Venezuela raised its monthly minimum wage by the equivalent of more than 40% as protests by disgruntled public workers grow ahead of presidential elections this year.

President Nicolás Maduro said Monday that workers will get a monthly supplement of $60 as well $40 in food stamps on top of the base salary of less than $4. That compares to bonuses equivalent to about $70 before today’s announcement. 

Venezuela conquered hyperinflation in recent years by adopting the US dollar, so the move represents a large increase in real terms.  

“We will open spaces for the full recovery of the working class income, from labor benefits to social welfare,” Maduro said in a speech to congress.

Maduro is expected to seek a third term in elections this year, though he is lagging far behind opposition leader María Corina Machado in polls. He has also sought to stoke nationalist fervor ahead of the vote, including by reviving a long-dormant border dispute with Guyana.

Teachers and other public workers have recently been protesting for higher wages in Caracas and across the country. Before Maduro’s announcement, Teacher’s Federation President Carmen Márquez said that her members’ pay would need to increase about 25-fold to more than $550 a month to allow them to afford basic goods. 

The economy grew more than 5% last year, Maduro said earlier, which would be among the fastest expansions in the region. Output has revived since the US eased economic sanctions in return for pledges of fairer elections. 

bloomberg.co 01 15 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top