Chávez raises Venezuelan minimum wage by 30%

01 May 2008 10:07 - Staff Reporter

President Hugo Chávez is raising Venezuela's minimum wage by 30% as inflation continues to soar in the oil-producing nation. The socialist leader has signed a decree that will fix the monthly minimum wage at $372, starting on May 1, International Workers' Day. Chávez says the move will give Venezuela the highest minimum wage in Latin America.

President Hugo Chávez is raising Venezuela’s minimum wage by 30% as inflation continues to soar in the oil-producing nation.

The socialist leader has signed a decree that will fix the monthly minimum wage at $372, starting on May 1, International Workers’ Day. Chávez says the move will give Venezuela the highest minimum wage in Latin America.

All public employees’ wages will also increase by 30%.

If food stamps are taken into account, Chavez says the minimum wage will actually reach $558.

“There is no socialism without the working class,” he said on Wednesday.—Sapa-AP