October 15 2015
Venezuelan President Announces 30% Minimum Wage Increase
The increase will come into effect on Nov. 1. This is the 30th minimum wage hike over the last 15 years.
“What else can you say?” asked Maduro. “Only in the revolution.”
The increase will be implemented on Nov. 1. This is the fourth minimum wage increase this year, and the 30th minimum wage increase over the last 15 years.
According to Maduro, Venezuela’s minimum wage has nearly doubled over the last year, which is higher than the level of inflation.
“In times of capitalism and liberalism, inflation rose to 100 percent and there was still no minimum wage increase,” said Maduro.
Maduro made his announcement from the Sidor steel plant in Bolivar state, Venezuela’s largest steel corporation. The company was privatized in 1997 under then President Rafael Caldera, and then renationalized by former President Hugo Chavez in 2008. Venezuelan workers greeted Maduro at the plant.
During his speech, Maduro criticized the privatizations of past governments and fiscal adjustment policies of the International Monetary Fund. In particular, he commented on the release of a recording of a call between the president of Venezuela’s largest beer manufacturer and a Venezuelan Harvard economics professor who are looking to implement a “fiscal ajustment plan for Venezuela” with loans from the IMF and World Bank.
“In Venezuela, what we have here is not an opposition. It’s a counterrevolution,” said Maduro. “What they do is conspire. They are against the constitution, and that’s why you see some of them negotiating over the country with the International Monetary Fund.”
Source: Venezuelan President Announces 30% Minimum Wage Increase TeleSUR