Venezuela to boost minimum wage by 25 percent - East Valley Tribune: Business

Venezuela to boost minimum wage by 25 percent

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Posted: Monday, April 25, 2011 4:57 pm | Updated: 2:20 am, Tue Apr 26, 2011.

(AP) — President Hugo Chavez has announced a 25 percent increase for Venezuela's minimum wage starting May 1.

Chavez says workers will get a 15 percent boost in pay at the beginning of May. They will get the remaining 10 percent rise Sept. 1.

The wage hike announced Monday will benefit more than 6 million people, who will earn $360 a month once the full increase is phased in.

Chavez has promised a generous redistribution of Venezuela's windfall from this year's soaring oil prices as he looks ahead to a presidential election in 2012.

Venezuela is struggling to curb Latin America's worst inflation. Venezuelan consumer prices rose more 27 percent over the last year.

(This version CORRECTS that salary hike will benefit over 6 million people rather than 3 million.)

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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