February 28, 2021

Venezuela's legal minimum wage falls to $ 3.55

The legal minimum wage of Venezuela fell on Wednesday to $ 3.55 after the local currency, the Bolivar, maintained its vertiginous decline with respect to the US currency, which was exchanged for 11,264.48 units in the official market .

The minimum wage in Venezuela is 40,000 bolivars, and is the norm in the public administration, where at least three million workers receive it.

In addition, workers enter a monthly food bonus of 25,000 bolivars ($ 2.21), which does not generate labor liabilities.

The same 3.55 dollars also receive Venezuelan pensioners, whose number exceeds 4.5 million people, as reported last April by the Government of Nicolás Maduro.

These incomes are insufficient to buy, even, the food for a day of a family of four, although the Government of Maduro has said that it complements the salary of the workers with a questioned subsidized food plan, known as Clap, and that the Opposition claims it is handled corruptly.

In the parallel exchange market, a dollar was traded on Wednesday for an amount even greater than 11,264.48 of the official rate.

These numbers confirm the growing loss of power of the Bolivar, which, according to the Constitution of the South American country, is the only legal tender in Venezuela.

Efe has been able to verify that in the midst of the crisis, small merchants, service providers and savers have opted to make their collections in dollars.

In Venezuela, the "Petro" is also legal, a cryptoactive that after an executive measure by President Donald Trump, which prohibits Americans from doing business with the instrument, became a savings certificate and is accepted as a form of payment in some shops.

In parallel to the economic crisis, Venezuela is going through political tension since last January Maduro swore a new 6-year term that does not recognize the opposition and part of the international community.

In response, the head of Parliament, Juan Guaidó, proclaimed an interim government that has the support of more than 50 countries, with the United States at the helm.

. (tagsToTranslate) minimum (t) legal salary (t) Venezuela (t) dollars

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