Venezuela: gradual 25% minimum wage increase after currency devaluation

Publication

3 March 2010 à 08h13

Updated on 5 March 2010 à 08h09

Reading time

2 minutes

Publication: 3 March 2010 à 08h13, Updated on 5 March 2010 à 08h09

Reading time: 2 minutes

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On Monday, March 1, the decree establishing a partial 10% minimum wage increase in Venezuela was enforced. After the devaluation of the national currency, Bolívar, in January 2010, the Chavez administration ordered a gradual 25% increase of minimum pay. This is an extraordinary measure since minimum wage adjustments are usually part of the application of the May 1st Act in Venezuela. The second increase, 15%, will be enforced on September 1, 2010, as the decree provides.
Publication

3 March 2010 à 08h13

Updated on 5 March 2010 à 08h09

Reading time

2 minutes

Publication: 3 March 2010 à 08h13, Updated on 5 March 2010 à 08h09

Reading time: 2 minutes

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inistration ordered a gradual 25% increase of minimum pay. This is an extraordinary measure since minimum wage adjustments are usually part of the application of the May 1st Act in Venezuela. The second increase, 15%, will be enforced on September 1, 2010, as the decree provides.

Gradual increase, real decline. Minimum wage in Venezuela, one of the highest in Latin America last year, was cut in half because of devaluation only, which brought exchange rate from 2.15 Bolívar for a dollar to 4.3 Bo

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