Venezuela to boost minimum wage by 25%AAP

[Judi Lynn]

Source: AAP

Venezuela to boost minimum wage by 25%AAP
April 26, 2011, 8:41 am

President Hugo Chavez has announced a 25 per cent increase for Venezuela's minimum wage starting on May 1.

Chavez says workers will get a 15 per cent boost in pay at the beginning of May.

They will get the remaining 10 per cent rise on September 1.

The wage increase announced on Monday will benefit close to 3 million people, who will earn $A340 a month once the full increase is phased in.

Read more: http://au.news.yahoo.com/thewest/a/-/world/9258319/venezuela-to-boost-minimum-wage-by-25/

[LiberalLoner]

1. Wish we could do that here. n/t K&R

[naaman fletcher]

3. Inflation is around that much, so its not a raise in real terms. nt

[The Doctor.]

2. And the anti-Chavez people should be able to spin this as somehow 'bad', I'm sure.

'Cause... he's a despot, dontchaknow.

[naaman fletcher]

4. Inflation is around that much, so its not a raise in real terms. nt

[snappyturtle]

5. I'd say that if that's true, the raise is better than doing nothing. nt

[naaman fletcher]

6. of course. nt.

[HankyDubs]

8. OMG EVIL TYRANT

:crazy:

[Poll_Blind]

7. He can only afford this because he has a special printing press which uses our children's blood...

...for ink and he can print as much money as he wants with it!

Oh, wait. Hold on. That's actually not Chavez. That's one of our things, probably the military industrial complex or the Federal Reserve or something.

PB

[Pterodactyl]

9. I get only $79 per month. Am I converting right?

[rabs]

10. It's more than that

Was just reading the Spanish version in Venezuelan media:

The raise will equal to US$ 360 per MONTH when the full 26.5 percent hike is in effect, 15 percent on May 1 and 10 percent on Sept. 1 (on top of the first 15 percent).

It will benefit public, private, retirees and people on pensions.

Chavez said 345,877 public workers, 62,441 private workers, 2,052,295 retirees and pensioners, 98,000 on government social aid programs (single mothers etc) will benefit, for a total of 2,558,613 people.

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It's a very hefty pay raise for a lot of people.

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El presidente venezolano, Hugo Chávez, anunció este lunes el aumento escalado del salario mínimo en un 25 por ciento para todos los trabajadores públicos y privados, además del personal jubilado y pensionado, lo que situará el monto por mes en mil 548 bolívares (unos 360 dólares). En la práctica el aumento alcanza 26,5 por ciento, porque es en dos partes: 15 por ciento el 1 de mayo y 10 por ciento a partir del 1 de septiembre, pero sobre la base del incremento anterior.


El presidente Chávez ilustró que 345 mil 877 empleados y empleadas públicos se beneficiarán, además de 62 mil 441 obreros y obreras; “y el lote mayor, jubilados y pensionados, 2 millones 52 mil 295, que sumados a las 98 mil (Misión, programa social de ayuda) Madres del Barrio (...) esto da un total de 2 millones 558 mil 613 venezolanos y venezolanas beneficiados”.

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[ChangoLoa]

12. No, not at all..

360$ per month will be the nominal minimum salary after the second raise in september if there's no devaluation.

Right now the minimum salary is around 284$

With the 15% raise on Worker's Day, it will be 327$. A 43$ rise.

With the extra 10% in September, it will increase to 360$/ month.

All in all, a +/- 76$ nominal raise (without adjusting it to the inflation)

But we do need to adjust it to the inflation since we're talking about purchasing power in real terms. And inflation is around 2 - 2.5% per month.

That means that the second raise will only compensate the decrease in real terms which will take place between may and september (4 months = 8.2 - 10.4% inflation).

In conclusion, the minimum salary has decreased by a quarter during the last 12 months.
After the 1st may raise, it will have decreased by around 10% compared to 5.1.2010.
The september raise will do nothing more than offset the may-september inflation.
The real minimum salary will still be significantly lower than a year ago.

[ChangoLoa]

14. Yes, you are.

If we don't count the inflation between may and september. Otherwise, it means a 43$ raise (in may) after a 72$ decrease in the last 12 months.

[Scuba]

11. And the price of gas in Venezuela is.....

...still right around $0.12 per gallon.


That must really help minimum wage earners, their families, businesses and everyone else in the country EXCEPT the former owners of the oil companies who are no longer allowed to exploit that nation's resources for their personal gain.


No wonder our media tries to label him a tyrant.

[ChangoLoa]

13. Meaning that the min. salary will be 10% lower than a year ago instead of 25% lower before the raise

Great!!!
:sarcasm:


Love the real / nominal terms trap

[bitchkitty]

15. Good news for Venezuelans.

It's hilarious how the usual suspects are right on cue to jump in and piss all over this accomplishment.

If only WE had a leader who put the people of his country above corporate wealth.

[RedCloud]

16. Hooray for May Day