The food basket measured by the OVF reached $371 in December and only takes food products into account. The minimum wage in the private sector can only cover 34% of this basket. The public sector charges about $14 a month when taking into account bonuses granted by the Patria System, which leaves the public administration in a situation of misery
The average minimum wage paid by private workers, at least in companies in the commerce sector of the Caracas Metropolitan Area, is $126, about 100 times the minimum income established by the Government for public administration workers.
This average was published by the Venezuelan Finance Observatory (OVF)through surveys applied to companies in the commercial branch located in the Metropolitan Area of Caracas for December 2022.
According to the information collected, the average remuneration received by the lowest echelon of the labor structure is 126.4, which is received by the workers.
On the next floor are professionals or technicians, with an average monthly salary of $198.2; while the median salary for managers is $307.5.
By putting all the ranks in the same bag, the general average of salaries in the commercial sector of Caracas is about $138.5 until the end of 2022.
The observatory highlights that, when comparing the December 2022 average with the average salary for this same sector in 2021, a 49% growth in worker remuneration is noted. This percentage is equal to the rise in prices in dollars that was registered throughout 2022, which, according to the Ecoanalítica consultancy, was 53.6%.
In contrast, the minimum wage in the public sector was stuck at the Bs 126 that had been set since March of last year, which was equivalent to about $7.2 at the end of December according to the rate of the Central Bank of Venezuela (BCV) for the end of the year. of 2022, at Bs 17.27 per dollar.
The OVF also adds to this base salary the bonuses granted by Chavismo to its workers, with which the remuneration reaches an estimated $14, which represents barely 11% of the average salary in the private sector.
*Read also: He didn’t say a word: Maduro talks about everything, except salary
Insufficient minimum wage
Despite the improvement in the salary paid by the private sector, these amounts are insufficient to cover the basic needs of the Venezuelan. According to estimates by the Center for Documentation and Social Analysis of the Federation of Teachers (Cendas-FVM), the basic basket of 60 products for a family of four is priced at $485. Not even the salary of the managers is enough to cover this basket that includes the basics and fundamentals.
For its part, the food basket that measures the OVF reached $371 in December and only takes food products into account. The average minimum wage of $126 can cover only 34% of this basket.
If the average wage in the private sector is compared with the region’s standards, Venezuela remains the country with the lowest minimum wage in the entire continent, below the $189 paid in Argentina, the country with the second worst minimum wage. region of.
*Also read: How does the minimum wage in Venezuela compare to the rest of Latin America?
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