These are the keys to the minimum wage in Venezuela for 2024

Last March 15, 2022. That was the date of the last salary increase announced by the government of Nicolás Maduro. At that time, a monthly salary of Bs 130 was established, which was equivalent to $30 and included a loophole for people who expected to gradually recover their purchasing power. However, that wait has already accumulated 656 days and shows no signs of ending.

Brian Contreras / talkaldigital.com

Venezuelans have been tied to the same salary for 21 months. During this period, Bs 130 dollars lost 88% of its value from $30 to just $3.62.

This decrease in purchasing power occurred in an inflationary environment in which both dollars and bolivars continued to rise. This means that Venezuelans, who receive this income through salaries, show how their payments are lower and lower while the prices of the goods they need to buy are rising.

It is true that on May 1, 2023, within the framework of Labor Day, Nicolás Maduro ordered the adjustment of the bonus provided by the government through the Homeland system, to generate an income of about $70 to the beneficiaries of their quotas. These amounts do not reach the entire population and have no impact on labor responsibilities because they do not have salaries.

In fact, in the wage of a minimum wage worker, Salary accounts for less than 4% of total payBasket tickets correspond with 39% and the largest share goes to economic combat bonuses with 57%.

Therefore, the payment – under the concept “Salary” – is Venezuelans face huge demand in 2024. The entire public administration workforce, estimated at more than 4 million Venezuelans, is subject to this $3.62, which is used to determine salary schedules, bonuses and other obligations such as vacations and benefits.

The lack of increase has caused significant discontent among the country's working population. According to the records of the Institute of Higher Trade Union Studies (Inesin), from March 2022 to December 2023, 2,565 labor disputes. Most of these cases are linked to demands for a living wage.

In a similar vein, the Venezuelan Federation of Teachers (FVM) The first union strike of the year was on January 9Demanding additional salary and pension increases respecting collective agreements.

Their expectations, and those of other labor sectors, are focused on ending the wage policy that Chavismo established this year from 2020. The hopes are based on the nature of the year 2024, in which presidential elections will be held. This will increase public expenditure.

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This is #Tuesday9We must resume the democratic struggle for labor rights that have been taken away from us. #El9PaLaCalle pic.twitter.com/2hZbUg8c20

— #RetiredEducators (@Assocejoprc) January 2, 2024

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