Latin American Economy & Business - July 2017 (ISSN 1741-7430)

President Nicolás Maduro announced a 50% increase in the minimum wage as of 1 July, the third to date this year. Maduro has now increased Venezuela’s minimum salary (and associated benefits including food stamps and pension payments) by 140% in total since February. Yet, opposition economists point out that the daily minimum wage is barely enough buy a packet of biscuits, while an average hamburger would eat up six days’ of the basic wage.