Venezuelan daily minimum wage is 83 centav ...

Venezuelan daily minimum wage is 83 centav …

June 20, 2016

Venezuela not only has a very low minimum wage, but also the highest inflation, located at the end of last year at 180.9%, according to the BCV. The countries that come closest are Argentina, with a price variation of 30%, according to unofficial sources, and Brazil with a 10% variation.

For several years, President Hugo Chávez assured that Venezuela had the highest minimum wage in Latin America; and his successor, President Nicolás Maduro, has not stopped repeating it. Maduro has used the preferential exchange rate of 10 bolivars per dollar as a reference to compare the remuneration of Venezuelan workers with that of employees in other countries in the region.

In that case, the 15,051.15 bolivars of minimum salary translates into 1,505.11 dollars a month or 50.17 dollars a day, effectively a high salary.

But it cannot be ignored that in the country there is another official exchange rate, that of the Marginal Currency System, which serves as a reference for setting the prices of most of the goods that are sold. Last Thursday the exchange rate in this mechanism was 600.99 bolivars per dollar. In other words, the minimum wage calculated at this rate is equivalent to just $ 25.04 a month, or $ 0.83 a day, a very low salary.

For the World Bank, countries that earn less than $ 1.90 a day are considered in extreme poverty.

Source: Venezuelan daily minimum wage is 83 cents

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