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Despite the economy improving due to currency dollarization, this is not yet the solution to improve the quality of life of its inhabitants. The first months of 2023 have brought an increase in the minimum wage in several Latin American nations, and the country of Venezuela hopes to have the same luck with an upcoming increase in its wages. For this reason, the government of Nicolás Maduro has been discussing how much the new salary should be for this year. It should be noted that Venezuelan workers are demanding a much higher amount than what the government has suggested, as wages are not enough to cover the cost of the basic basket, something that has greatly affected them in recent years.
What do Venezuelan workers demand?
Venezuelan workers who work daily demand a series of improvements in their wages. Now, it is the labor unions that will be in dialogue under the auspices of the International Labor Organization (ILO), and they demand that the minimum wage be between 200 and 400 dollars to cover the basic basket.
According to information and data from the Documentation and Social Analysis Center of the Federation of Teachers (Cendas), it is known that a Venezuelan family of five - until last December - needs an average of 63.24 current minimum wages, that is, about 400 dollars, at the current exchange rate of 20.52 bolivars per dollar, to cover the basic basket.
"We workers demand salaries and pensions indexed to the cost of the basic basket. We will not accept the agreement between Fedecámaras and the government that violate our rights to have a decent salary," said spokesperson Ana Rosario Contreras from the Nursing College of the Capital District.
What does Nicolás Maduro say about the wage increase?
Due to the demands, Venezuelan President Nicolás Maduro called on workers from across the country to take to the streets to protest against the sanctions imposed by the United States. Additionally, he wrote on Twitter: "We will always defend the comprehensive salary of the Venezuelan workers. We will give birth to the resources to continue investing in health, education, and housing."
However, Nicolás Maduro has not directly addressed the increase in the minimum wage for public workers and teachers who continue to protest.
How much would the new minimum wage be in Venezuela?
While the president of the Venezuelan Federation of Chambers of Commerce and Production (Fedecámaras), Carlos Fernández, indicated that the increase in the minimum wage is still a topic of debate, it could reach $50 monthly.
During a radio interview, Fernández stated that it will depend a lot on the framework allowed for the private and public sectors to make the wages effective. He also indicated that a different approach to the country's problems should be sought and "stop fighting the issue with monetary policies, but with stimulus policies in supply and demand."