A Venezuelan with a minimum salary generates 0.54 cents of a dollar daily, a figure that is below the threshold of extreme poverty by income range, which, according to the World Bank, is 1.90 dollars a day.
The government of Nicolás Maduro increased the minimum wage by 1.7575% in March of this year. Since then it has lost about 50% of its value due to the devaluation of the bolivar against the dollar, which during the last week of August increased by 36%, after an increase in demand and a brake on the injection of dollars into the market. by the Central Bank of Venezuela (BCV).
With this, the salary was reduced to 16.33 dollars, since now a dollar, quoted at the official rate, costs 7.96 bolivars. The increase that meant passing the lowest salary, the one earned by public employees and pensioners, from 7 to 130 bolívares, that is, from 1.60 dollars to 29.68, at a time when the official exchange rate was in 4.38 bolivars.
According to the director of the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM), Oscar Meza, this income received by Venezuelans is the “lowest in Latin America” and is below the threshold of extreme poverty. by income range, which, as established by the World Bank, is $1.90 a day. A Venezuelan with a minimum salary generates 0.54 cents on the dollar daily.
“It is not true that organic growth (of the economy) has been achieved that can translate into well-being, at least through salary,” the also university professor told the EFE agency, which contradicts the Executive that has boasted of the economic improvements that he says have been registered in Venezuela this year.
Before the wage increase, according to Cendas-FVM calculations, 300 minimum wages were required to acquire the food basket in February. After the adjustment, 16 were needed. However, in July 21.20 salaries were needed again to cover the basic basket, which for a family of five people at that time cost 470 dollars.
For Meza, the minimum wage should reach at least 100 dollars a month, a per capita cost to satisfy basic food needs, without contemplating other expenses.
With information from the EFE agency.
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