In May, Nicolás Maduro created a new “special contribution” that must be paid by private sector companies: the Pension Law. The objective was to improve the amount of the pension for senior citizens who receive this benefit, however, to date no type of increase has been made.
The Venezuelan Social Security Institute (IVSS) paid the pension corresponding to the month of August on Monday, July 22, without an increase. Once again, senior citizens received the 130 bolivars they have been earning since March 2022.
The benefit deposited in the pensioners’ bank accounts is equivalent to 3.55 dollars at the exchange rate of the Central Bank of Venezuela (BCV). An amount well below the Family Food Basket of 550 dollars or 22,098 bolivars.
“A family needed 170 minimum wages in June to acquire the 60 products that make up this Food Basket,” said the director of the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM), Oscar Meza.
Last May, the administration of Nicolás Maduro created a new “special contribution” that must be paid by private sector companies: the Law for the Protection of Social Security Pensions. The objective was to improve the pensions of senior citizens who receive this benefit, however, to date the measure has not been put into effect.
Maduro went so far as to say, during a National Council of Productive Economy in the state of Apure, that pensions would come “with improvements,” thanks to the new Pension Law. “That little bit of money that comes in translates into an improvement in indexed income, in pensions, We are going to have good news this June because the new law hit harder than we thought and they will go to the improvement,” he indicated.
In this regard, pensioners were hopeful that the amount would be increased before the presidential elections on Sunday, July 28.
This Monday, the delivery of the “Against the Economic War” bonus for IVSS pensioners, corresponding to July and made monthly through the Patria System, also took place.
As reported Patria Digital ChannelThe amount granted is Bs 1,640 or $44.79 at the official exchange rate. This bonus only covers 8.13% of the dollar value of the Family Food Basket.
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