Increase in the Minimum Wage in Venezuela: as of when and to whom does it apply?

Keep reading for more. The economic crisis in Venezuela seems never-ending and continues to plague the entire country. Low wages have caused citizens to be dissatisfied with the government of Nicolás Maduro, leading to constant marches, strikes, protests, and other collective activities to express their discontent. Nowadays, Venezuela has the lowest salary in all of Latin America, as revealed by the ranking of minimum wages for 2023, where Venezuela ranks last with an estimated monthly salary of 8 dollars.

Additionally, as a result of nationwide protests, the Federation of Chambers and Associations of Commerce and Production of Venezuela (Fedecamaras) announced a date to discuss the new minimum wage amount. In this Depor article, you can find all the details about the new minimum wage.

What could be the new minimum wage 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 up to 50 dollars per month.

During a radio interview, Fernández pointed out that it will greatly depend on the framework allowed for the private sector and the public sector to effectively implement these remunerations. He also mentioned that a different approach should be sought for the country's problems, "stop fighting the issue with monetary policies and start using stimulus policies in supply and demand".

What are the demands of Venezuelan workers?

Venezuelan workers who work daily demand a series of improvements in their wages. Now, it will be the trade unions that will hold discussions under the auspices of the International Labour 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- needed an average of 63.24 current minimum wages, equivalent to around 400 dollars at the current exchange rate of 20.52 bolivars per dollar, to afford the Basic Basket.

"Workers demand wages and pensions indexed to the cost of the basic basket. We will not accept the agreement of Fedecamaras and the government that violate our rights to have a decent wage," said the spokesperson for the Nursing College, Capital District, Ana Rosario Contreras.

What does Nicolás Maduro say about the salary increase?

Due to the protests, Venezuelan President Nicolás Maduro called on workers from all over the nation 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 integral salary of the workers of Venezuela. We will find the resources to continue investing in health, education, and housing".

However, Nicolás Maduro has not directly commented on the increase in the minimum wage for public workers and teachers who continue to protest.