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Venezuela Increases Minimum Wage To Fight Inflation
Effective Monday, 1 November Venezuela’s minimum wage is 30% higher. This is the fourth minimum wage hike this year and is aimed at protecting the workers and the middle class, Venezuela’s President Nicolas Maduro said.
Maduro has increased the minimum wage by 137% this year as a “special measure” to protect the salaries in a country that is currently battling one of the highest inflation rates in the world.
Venezuelan minimum wage worker will now earn 9,649 bolivars a month. That's less than $15 per month at the black market rate – widely used to set prices - of 723.78 bolivars per dollar.
Venezuelan economy saw a reduction of 10% this year, the biggest contraction worldwide and the International Monetary Fund reportedthat inflation is at 159% - this is likely the highest in the world. This measure takes effect roughly a month before the next parliamentary elections. Even though, Maduro’s party may lose congress to the opposition for the first time in 16 years aspolls are showingthe voters are not happy with inflation, high crime rates and record shortages of food and medicine.
TMF Group in Venezuela has the local knowledge to understand and adapt to new changes and labour regulations. TMF Group can also help companies with their payroll and human resources administrative duties and with the mitigation of risks in order to avoid penalties for failure of implementation or incorrect or late implementation of the regulatory changes.
TMF Group was listed as “Major Contender” by Everest Group Research in its Multi-Country Payroll Outsourcing (MCPO) PEAK Matrix 2015.