Venezuela’s president Nicolas Maduro announced Monday he was almost doubling the minimum wage in an effort to tackle the crisis-wracked Latin American country’s runaway inflation.
Venezuela’s economic collapse ranks as one of the worst in modern history, with hyperinflation likely to see prices soaring 13,000 per cent this year, the International Monetary Fund said last week.
The wage increase – the third this year – brings the minimum monthly income to 2.55 million bolivars, or $3.20 (Dh11.75) on the widely used black market, when a food voucher is included.
The president also said that from Tuesday, when Venezuela celebrates Workers’ Day, public service employees will receive an additional increase of around $2.
Mr Maduro is controversially seeking another six-year term in May 20 elections that regional powers have criticised as lacking democratic standards, amid a boycott by the main opposition coalition.
Even with the increases, the minimum wage will buy little more than two kilograms of chicken.
Despite sitting on the world’s largest oil reserves, Venezuelans are grappling with severe shortages of food and medicines, largely due to a drastic cut in imports caused by falling oil prices.
“In a time of revolution, like never before in history, the policy that Commander Hugo Chavez always promoted and that I have perfected, is to take care of the working class,” Mr Maduro said, citing his popular socialist predecessor.
Venezuelan economists have attacked Mr Maduro’s constant adjustments, saying they succeed only in driving up the cost of living and are not accompanied by a plan to cut inflation or impose fiscal or monetary discipline.
About 13m Venezuelan workers earn the minimum wage, according to the government.
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Tips for travelling while needing dialysis
- Inform your doctor about your plans.
- Ask about your treatment so you know how it works.
- Pay attention to your health if you travel to a hot destination.
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
PRISCILLA
Director: Sofia Coppola
Starring: Cailee Spaeny, Jacob Elordi
Rating: 3/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
The years Ramadan fell in May
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★