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Weekly Report - 1 May 2014 (WR-14-17)

VENEZUELA: Highest minimum wage in region cannot buy pasta

Venezuelans 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 43% in 2014, President Nicolás Maduro said. At BF4251.78/month, or US$675 at the official exchange rate of BF6.3/US$1, Venezuela on paper continues to have the highest minimum wage in the region (followed by Argentina).

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