BY MARCELO DUHALDE | March 15, 2019
It is not uncommon to raise minimum wages annually, but there have been 26 increases under President Nicolas Maduro since 2013. The central bank recently devalued the bolívar as Venezuela’s currency continues to plummet
The best way to understand the extreme increases in the minimum wage is by comparing stacks of 1,000 bolivar fuerte notes to their equivalent value in US$1 notes, highlighting four episodes in the past six years. Although the increase in the minimum wage is colossal, the actual value in dollars has dived since 2013
At least 4 million people live on the minimum wage. Most people need to work more than one job
* As of January 2019
Toilet paper (four rolls)
VeS10,410/HK$25
Salami (25g)
VeS12,395/HK$29
Chicken pea (500g)
VeS13,087/HK$31
Laundry detergent (1kg)
VeS13,837/HK$33
Spray deodorant (150ml)
VeS16,626/HK$40
Oats (400g)
VeS17,200/HK$41
Shampoo (200ml)
VeS18,473/HK$25
Hair dye (1 box)
VeS25,803/HK$61
Facial cream (50ml)
VeS35,500/HK$84
Diapers (32 pcs)
Ve53,100/HK$126
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