Venezuelan President Hugo Chávez has increased the minimum wage by 30 percent to $372 per month, making it the highest in Latin America.
The increase went into effect on May 1, and will directly affect more than 5 million workers—20 percent of the population. Chávez also announced a 30 percent pay increase for all public sector workers. Workers in Venezuela also have access to subsidized food, housing, healthcare and education.
On May 1, over 300,000 workers marched in Caracas, Venezuela to celebrate International Workers’ day, the new pay increase, socialism and peace. Chávez has promised to combat increasing inflation without sacrificing workers’ wages.
In front of an audience of union leaders and members, after signing the pay increase into law, Chávez declared, “The working class is essential for the construction of socialism.”
