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Andean Group - April 2014 (ISSN 1741-4466)

ECONOMY: Keeping up with inflation is getting pricey

Venezuelans will get a 30% increase in the minimum wage this Labour Day (1 May). Coming on top of a 10% increase at the start of the year, the minimum wage will go up by over 40% in 2014, President Nicolás Maduro noted in the traditional Labour Day announcement. With the latest increase, Venezuela’s official minimum wage goes up to BF4251.78/month, or US$675 at the main official exchange rate of BF6.3/US$1, on paper the highest in the region (and followed by Argentina).

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