Venezuela will raise minimum wage by 15%
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Venezuela will raise minimum wage by 15%

President Nicolás Maduro is boosting Venezuela’s minimum wage to protect workers’ salaries from inflation running at nearly 60 percent.

Maduro said Monday that the 15 percent increase will take effect in December. It follows a 30 percent boost in April and a 10 percent hike in January.

The president said the raise was necessary to defend workers’ earnings from inflation that he blames on an economic war his enemies are waging on the country. Critics say the government is essentially printing too much money.

See also: Looking for a car in Venezuela’s stalling auto industry

The move comes a week after Maduro boosted military salaries by 45 percent.

The increase takes Venezuela’s minimum wage to 4,889 bolivars a month. That’s $776 at the official exchange rate but less than $50 at the black market rate used to set many prices.

Associated Press