News / Reports

Venezuela's wage policy sparks mixed reactions

Friday, 18 October 2019 7:13 AM [ Last Update: Friday, 18 October 2019 7:18 AM ]

@AFP

Jesus Silva
Press TV, Caracas

Following an order by Venezuelan President, Nicolas Maduro, to increase the monthly minimum wage this week, some experts say this policy boosts hyperinflation and undermines the value of workers’ salaries.

But opinions are divided as some say the pay rise represents a helping hand for the working class amid the ongoing economic crisis that rocks this nation. Nonetheless other pundits think otherwise.

From a different angle, officials defend Maduro's policy but on the streets, there is broad debate on this economic measure.

The monthly minimum wage officially rose to 150,000 Bolivars, an equivalent of 8 US dollars according to the government's forex rate.

Experts say a wage is as good as the purchasing power it gives you. In this context, workers claim they can buy only three pounds of chicken per month with their new wages so they still demand a better payment.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk